Total quits iran’s South Pars gas project

Total quits iran’s South Pars gas project

Oil and gas firm, Total confirmed that 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. sanctions, Reuter reports.

“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.