French oil giant Total quits Iran under US sanctions pressure

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Under threat of US sanctions Total has officially halted its multi-billion-dollar investments into a gas production project in Iran, while carmakers PSA, Renault and Daimler are also among those to suspend or drop plans to invest in the country, along with Deutsche Bahn and Deutsche Telekom.

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French energy giant Total has officially quit its multi-billion-dollar gas project in Iran, oil minister Bijan Namdar Zanganeh said on Monday, followng the re-imposition of the first phase of US sanctions, reports FRANCE 24.