French oil giant Total has officially abandoned its investment projects in Iran following the reinstatement of US sanctions on the country, the Iranian oil minister said on Friday.
Total, officially ended the agreement for the development of Phase 11 of the South Pars gas field.
It has been two months since the oil company announced that it would terminate the contract, “said Bijan Namdar Zanghaneh.
Following the nuclear agreement reached between Tehran and several countries in 2015, the United States decided to reinstate the first round of sanctions against Tehran on August 6th and warn countries who maintain trade relations with Tehran.
The United States has given 90-180 days for companies to withdraw from Iran, as new sanctions will be launched in the oil sector scheduled for November.
European countries, which signed the agreement back in 2015 to prevent Iran from endowing itself with nuclear weapons, want to keep existing agreements, but for fear of penalties from the United States, a large group of companies, such as the German manufacturer Daimler, has already announced It’s withdrawal from the country.