French oil and energy company Total said on Wednesday that may pull out of the Iran South Pars 11 energy project, in light of a decision by US President Donald Trump to withdraw from an global nuclear deal with Iran.
Total started the South Pars 11 project in July 2017, two years after Western powers signed a nuclear deal with Tehran.
"Total will not continue the SP11 (South Pars 11) project and will have to unwind all related operations before 4 November 2018, unless Total is granted a specific project waiver by USA authorities with the support of the French and European authorities", the French oil and gas major said in a statement.
Total was the latest of several European companies to announce plans to withdraw from Iran after the U.S. Treasury gave foreign companies notice last week that they have three to six months to "wind down" their business with Tehran before they face possible penalties for violating U.S. sanctions.
Continuing to do business in Iran would be too great a risk as the company has large operations in the USA and depends on the country's banks for financing its operations, Total said in a statement Wednesday. The European Union, also a signatory to the atomic deal, has pledged to take steps to salvage the accord.
"This project waiver should include protection of the company from any secondary sanction as per U.S. legislation".
U.S. banks are involved in more than 90% of Total?s financing operations, Total said, adding that U.S. assets represent more than $10 billion of capital employed and that 30% of its shareholders are in the US.
France, Germany and Britain are leading a European effort to safeguard Europe's economic interests but have few options that pose any threat to the United States.
The EU's top energy official, Commissioner Miguel Arias Canete, is heading to Iran for talks from May 18 to 21 to discuss ways of trying to overcome renewed USA sanctions against Iran's oil industry. "They have us by the throat because so much business is conducted and cleared in dollars", one European investment banker said.
The company said on Wednesday that it was unable to proceed with a $2 billion project to develop the country's giant South Pars gas field.
"The fines are in the multibillions these days so it's just not worth the risk for a small piece of business and maybe pleasing a (European) government". "With that in mind it's a logical decision", a European diplomat said of Total's decision.
In addition, about 14 million barrels of oil products were purchased from, or sold to, entities with ties to the Iranian government, generating 1.1 billion euros of revenue, and a net loss of 5.7 million euros, according to Total.
Iranian oil minister Bijan Zanganeh said the French firm would not pay a penalty if it pulled out of the project.
SP11 is the biggest proposed project between an global oil company and Iran and if Total withdraws, it will likely deal a significant blow to Tehran.
The Chinese major is reportedly ready to take operatorship off Total's hands if the French company formalizes its withdrawal.
Wolfe is survived by Sheila Wolfe, his wife of almost 40 years; a son, Tommy Wolfe, and a daughter, Alexandra Wolfe. He moved to New York in 1962 to join the New York Herald-Tribune and remained in the city for the rest of his life.
Police were called to a home around 7:30 last night on reports that a child was possibly stabbed and another one was missing. A house burns near Casitas Pass Road as the Thomas Fire continues to grow on December 10, 2017 near Carpinteria, California.
He said fighters launched attacks form multiple directions, after which they overran several checkpoints in the city. A spokesman for the Taliban said in an online message that the insurgents had taken most of the provincial capital.
Mikel, Musa, Moses, Onazi and Omeruo were at the 2014 World Cup while Echiejile played at the 2010 edition in South Africa. A final squad of 23 players will be drawn from the provisional squad before the June 14-July 15 tournament starts.
His outlook, always positive, is stronger than ever. "He'll win sometime soon enough", Spieth was quoted as saying by ESPN . I think I was ideal inside of 10 to 15 feet today and anywhere inside, which was probably the first time this year.
In 2010, Soros gave almost one million euros to help Hungarians affected by the catastrophic "red sludge" industrial disaster. Earlier against Soros and his Foundation in Hungary was launched large-scale campaign.
The assault was enough to make Mahal unable to compete in the main event for a spot in the Money in the Bank Ladder Match. Jax had approached Rousey as she was giving an interview at the NBCUniversal Upfront event in New York City.
Apple is said to employ 83 drivers for its fleet, far less than the 407 of GM or even the 338 Waymo drivers with approved permits. Each participant in this self-driving auto race must have a safety driver in the vehicle during testing.
Anil Kapoor , who has been a part of the previous two Race films as Robert D'Costa, essays the role of bossman Shamsher this time. In close ups, Salman announces how he is ready to go to any length for his family.
Earlier this year, AHF put up a series of billboards warning that " Syphilis is Serious " with the same link to get free testing. Another concerning number from the state health agency is that 30 stillbirths occurred in California due to syphilis .
Citigroup maintained The Home Depot, Inc . (NYSE:CIT) earned "Hold" rating by Keefe Bruyette & Woods on Sunday, February 4. Following the transaction, the executive vice president now owns 73,815 shares in the company, valued at $13,827,025.80.
Four-time world champions Lewis Hamilton has revealed that even the Mercedes' top bosses want to see his contract extension. If we're not able to see that, we're more than blind, because we didn't have the pace in the first stint.
Villa hold a 1-0 first leg lead thanks to Mile Jedinak's goal but Pulis revealed the mood among the Boro camp remains very upbeat. The home fans erupted in wild celebrations at fulltime and flooded onto the pitch to join the players.
The Sichuan Airlines plane was flying from Chongqing to the Tibetan capital, Lhasa, on Monday when the incident occurred. Passengers were being served their breakfast when the plane plunged suddenly to 24,000ft from above 30,000 feet.
Wealthy philanthropist Scott Wallace and military veteran Rachel Reddick are the leading candidates in the Democratic primary. Votes are due no later than 8 p.m. and voters can submit their ballots to any designated drop site or local elections office.
The social network says when action is taken on flagged content it does not necessarily mean it has been taken down. All in all the company removed 583 million fake accounts , although these were not all active at the same time.