As a effect, "Complete is not going to be able to proceed the SP11 challenge and should unwind all related operations earlier than four November 2018 except Complete is granted a selected challenge waiver by the USA authorities with the assist of the French and European authorities", the French firm mentioned in a press release.
Total said it would not be making any further commitments towards the Iranian South Pars project for now, and added it was engaged with French and U.S. authorities over the possibility of a waiver to the project.
On 4 July 2017, Total, together with the other partner Petrochina, executed the contract related to the South Pars 11 (SP11) project, in full compliance with United Nations resolutions and US, EU and French legislation applicable at the time.
South Pars phase 11 development is aimed initially at domestic gas demand.
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On May 8, U.S. President Donald Trump announced that the U.S. would withdraw from the Iran nuclear deal and reinstate sanctions that were in force before the implementation of the landmark agreement.
The company explained that it could not afford to be exposed to any secondary sanction, which might include the loss of financing in dollars by USA banks, the loss of its US shareholders, and the inability to continue its USA operations.
The group said it has $10 billion of capital employed in its USA assets, and U.S. banks are involved in 90 percent of its financing operations, making Total highly vulnerable if targeted by any United States actions.
The total project, which also involves China 's CNPC and Iranian company Petropars, is estimated to be around $2 billion for the first phase.