French oil firm Total seeks exemption from US sanctions over Iran

FrenchFrench oil major Total said Wednesday it will end work on a major gas field project in Iran unless it is exempt from US sanctions against Tehran that the Trump administration is phasing back in, reports FRANCE 24.

Total started the South Pars 11 project 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 warned companies that they face sanctions if they do business with Iran.

As a consequence, "Total will not be in a position to continue the SP11 project and will have to unwind all related operations before 4 November 2018 unless Total is granted a specific project waiver by the US authorities with the support of the French and European authorities," the French company said in a statement.

Read more of this report from FRANCE 24.