Total to Seek Waiver If US Reimposes Sanctions on Iran

Total CEO Patrick Pouyanne said on Sunday that the French oil and gas company would seek a waiver to continue the development of an Iranian gas field should the United States decide to re-impose sanctions.

Speaking in an interview with The National newspaper while on a visit to the United Arab Emirates, Pouyanne said Total’s plans should be allowed to proceed because its agreement with Iran was awarded at a time when sanctions were not in place.

“If the US decides to put back the sanctions, we have to look at what the consequences are … and then we will see, either Donald Trump decides to maintain the waivers and we will move on with the project,” he was quoted as saying.

US sanctions will resume unless Trump issues fresh “waivers” to suspend them on May 12.

“If the US decides not to sign the waiver … we will ask for a waiver from the US authorities.”

Last July, Total became the first Western energy firm to sign a deal with Iran since the easing of anti-Tehran sanctions in 2015, agreeing to develop Phase 11 of the South Pars offshore gas field with a total investment of $5 billion (3.59 billion pounds).

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 Iran’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)

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