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Total has Officially Withdrawn from South Pars phase 11

Source: www.gulfoilandgas.com 8/21/2018, Location: Asia

Total has officially left Iran due to the threat of secondary sanctions from the United States if it were to continue to do business with Tehran, Iranian state television reported on Monday, citing oil minister Bijan Zanganeh.

Total has quit the project to develop South Pars Gas phase 11, and the process to find another company to replace it is underway, according to Zanganeh.

But after the United States pulled out of the Iran nuclear deal and announced that sanctions were returning, Total, like many other companies doing business in or with Iran, has been concerned about being exposed to secondary U.S. sanctions if they continue operations in Iran.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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