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Total says chances of Iran sanctions exemption 'very slim'

Jun 02

 Total says chances of Iran sanctions exemption 'very slim'

French oil major Total said on Friday the probability of winning an exemption from US sanctions against Iran to continue a major gas field project was very faint.

The energy giant had already warned that, unless Washington granted it a waiver, it would pull out of the South Pars 11 project which it started in July 2017, two years after Western powers signed a nuclear deal with Tehran prompting the return of many businesses to Iran.

But earlier this month, President Donald Trump announced his withdrawal from the deal, and told companies that they face sanctions if they do business with Iran.

Iran’s oil minister on Wednesday gave Total 60 days to win a sanctions waiver from Washington before it would lose its stake in the multi-billion-dollar project.

But on Friday, Total’s chairman Patrick Pouyanne told shareholders that the prospect of a sanctions exemption was dim.

'The probability of us getting an exemption is very slim,' he said.