Total leaves Iran after failing to obtain US sanctions waiver

MNA – Chief Executive of France’s Oil Major Patrick Pouyanné said that his company left Iranian South Pars Gas Field since it could not receive US sanctions waiver.

There is no other way than to leave Iran’s lucrative project, he said, adding, “you cannot operate in 130 countries in the world without accessing to US financial system. Therefore, we are enforcing and complying with US laws and have to leave Iran’s profitable market.”

“A company like us should respect the laws that are enforced, so that we have to leave Iran,” he emphasized.

Total has suffered $40 million worth of loss because of moving out of expansion project of Phase 11 of South Pars Gas Field in the Persian Gulf, he opined.

He expressed hope that his company could be able to return to Iran one day, adding, “for a company like Total which invests $15 billion annually, suffering loss of $40 million is negligible.”