OpeOluwani Akintayo
21 August 2018, Sweetcrude, Lagos — Following the imposition of US sanctions on Iran, Total on Monday said it had notified the Iranian authorities of its withdrawal from the multi-billion dollar South Pars gas project after it failed to obtain a waiver from U.S. authorities, a report by Reuters has said.
“The contractual process is ongoing,” Total said in an emailed statement.
“As for the future of Total’s share, we have not been informed of an official CNPC position, but as we have always said, CNPC, a Chinese state-owned company, has the right to resume our participation if it decides so,” Total added.
