Total, France's largest energy company, announced on Monday it was pulling out of a $4.8 billion Iranian gas field project, after admitting it was extremely vulnerable to the threat of US penalties against those doing business with Iran.
The French group was one of three major energy companies set to help supply the state-of-the-art technology needed to tap into South Pars, the world's largest natural gas field shared by Iran and Qatar.
After abandoning the 2015 Iran nuclear accord in May this year, the United States has said it will reimpose sanctions on Iran in two phases, in August and November.
Any firm found doing business with Iran could risk facing serious US penalties.
The French energy giant had been due to invest an initial $1 billion into the 20-year gas field project, which it signed up to in July 2017 along with the state-owned China National Petroleum Corporation and Iran's Petropars.
Automakers PSA, Renault and Daimler have all announced plans to either suspend or drop investment in Iran, as have Germany's Deutsche Bahn and Deutsche Telekom.
US President Donald Trump's decision to walk away from the nuclear accord and reimpose sanctions has exacerbated Iran's economic woes.
https://www.dw.com/en/french-energy-giant-total-officially-pulls-out-of-iran/a-45150849
The French group was one of three major energy companies set to help supply the state-of-the-art technology needed to tap into South Pars, the world's largest natural gas field shared by Iran and Qatar.
After abandoning the 2015 Iran nuclear accord in May this year, the United States has said it will reimpose sanctions on Iran in two phases, in August and November.
Any firm found doing business with Iran could risk facing serious US penalties.
The French energy giant had been due to invest an initial $1 billion into the 20-year gas field project, which it signed up to in July 2017 along with the state-owned China National Petroleum Corporation and Iran's Petropars.
Automakers PSA, Renault and Daimler have all announced plans to either suspend or drop investment in Iran, as have Germany's Deutsche Bahn and Deutsche Telekom.
US President Donald Trump's decision to walk away from the nuclear accord and reimpose sanctions has exacerbated Iran's economic woes.
https://www.dw.com/en/french-energy-giant-total-officially-pulls-out-of-iran/a-45150849
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