Total leaves an oil and gas program South Pars

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Total leaves an oil and gas program South Pars
May 16
09:00 2018

A French oil and gas company Total SA FP announced its intention to suspend operations for the Iranian gas project South Pars in connection with the decision of the US authorities to resume sanctions against Iran.

 The company’s official statement on this matter indicates that Total SA FP is forced to suspend participation in the program to develop the Iranian field in relation to the restrictions imposed by the United States. It is about mining in the largest oil and gas field in the central part of the Persian Gulf.

On May 8 this year, the President of the United States of America announced the withdrawal of Washington from an agreement with Iran on the nuclear program. At the same time, Mr. Trump promised not only to introduce new sanctions, but also to return the old ones.

The decision to impose restrictive measures by the US can also have a negative impact on European companies that continue to invest in the Islamic republic in the Persian Gulf zone.

According to Reuters, a Chinese oil and gas company CNPC is ready to take over the majority stake of Total in South Pars if the French company decides on the final withdrawal from the project.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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