Total Reviews Iran Gas Deal Amid US Sanctions Threat
French oil and gas major Total is reviewing its Iran gas project due to concerns over potential US sanctions, according to CEO Patrick Pouyanne. Speaking to CNN, Pouyanne said that if the US imposes unilateral sanctions on Tehran, the company would have to revisit its deal.
The South Pars project, in which Total will develop Phase 11 of Iran's largest gas field, is a key part of Iran's economic plans following the nuclear deal. However, with the threat of US sanctions looming, western firms and major international banks are hesitant to invest in the country.
Total's assets in the US market make it vulnerable to potential sanctions, Pouyanne noted. The company has recently acquired more assets in the US, including a stake in the Cameron LNG project in Louisiana.