Total May Have to Rethink Iran Deal due to Trump

Total Chief Executive Officer Patrick Pouyanne said US President Donald Trump’s new aggressive approach to Iran could kill a huge energy investment the French oil and gas major signed with Tehran just four months ago.

“Either we can do the deal legally if there is a legal framework,” Pouyanné told CNN on Monday.

“If we cannot do that for legal reasons, because of (a) change of (the) regime of sanctions, then we have to revisit it,” he added.

He made the remarks after Trump unveiled a tough and comprehensive new policy towards Iran last month, accused Tehran of violating the 2015 nuclear deal between Tehran and world powers, and announced that he would no longer certify the accord.

“If there is a sanctions regime (on Iran), we have to look at it carefully,” said Pouyanné.

“We work in the US, we have assets in the US, we just acquired more assets in the US.”

Total became the first Western oil major to sign an agreement with Iran to develop phase 11 of Iran’s South Pars, the world’s largest gas field. Total is the operator of the $5 billion project with a 50.1 percent stake.

Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) reached the 159-page nuclear agreement in July 2015 and implemented it in January 2016.

Since the historic deal was signed in Vienna, the IAEA has repeatedly confirmed the Islamic Republic’s compliance with its commitments under the JCPOA, but some other parties, especially the US, have failed to live up to their undertakings.

(Source: Tasnim, under Creative Commons licence)

One Response to Total May Have to Rethink Iran Deal due to Trump

  1. Jim 15th November 2017 at 2:33 pm #

    The two face French, all of the sudden woken up,because the immature Prime minister
    forgot the big business deal for Total. After the minister approved the additional 100% unjust
    sanctions on Iran. If I were Iran I would tear that agreement up and tell France to get
    out of Iran. Iran is light years ahead of France in terms of Civilization to start with.
    There are several other big oil companies wou;d be more than happy to pick up the deal.

Leave a Reply