Iran: Total to be replaced with another after its withdrawal

TEHRAN, Aug. 20 (YPA) – Iranian oil minister, Bijan Zanganeh, on Monday said that France’s Total had officially withdrawn from Iran after Washington threatened to impose sanctions on companies operating in the Iranian market.

“Total has officially pulled out from the contract to develop the 11th phase of the South Pars Gas Project,” the minister was quoted as saying by the state TV. “The process is underway to replace Total with another company.”

The French company has announced earlier that it is preparing to withdraw from the Pars project , which its coast is estimated at one billion dollars, in light of the US sanctions.

Total said last May that it would not be able to continue the project and would have to suspend all its operations before November 4, unless it received an exemption from the US authorities.

Washington has decided to re-impose sanctions on Iran after it lifted international and US sanctions under a nuclear deal with Tehran in 2015 to curb its nuclear ambitions.

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