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French energy giant Total quits lucrative Iran gas project: French energy giant Total confirmed it is withdrawing from a multibillion-dollar gas projectin Iran after it failed to obtain a waiver from US sanctions.

Total signed a deal worth $4.8bn in July 2017 to develop a field off Iran’s southern coast as the lead partner alongside the China National Petroleum Corporation (CNPC) and Iran’s Petropars.

“Total has notified the Iranian authorities of its withdrawal from the contract following the 60-day deadline for obtaining a potential waiver from the US authorities,” the company told AFP news agency on Monday.

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French energy giant Total quits lucrative Iran gas project: French energy giant Total confirmed it is withdrawing from a multibillion-dollar gas projectin Iran after it failed to obtain a waiver from US sanctions.Total signed a deal worth $4.8bn in July 2017 to develop a field off Iran’s southern coast as the lead partner alongside the China National Petroleum Corporation (CNPC) and Iran’s Petropars.”Total has notified the Iranian authorities of its withdrawal from the contract following the 60-day deadline for obtaining a potential waiver from the US authorities,” the company told AFP news agency on Monday.French energy giant Total quits lucrative Iran gas project: French energy giant Total confirmed it is withdrawing from a multibillion-dollar gas projectin Iran after it failed to obtain a waiver from US sanctions.Total signed a deal worth $4.8bn in July 2017 to develop a field off Iran’s southern coast as the lead partner alongside the China National Petroleum Corporation (CNPC) and Iran’s Petropars.”Total has notified the Iranian authorities of its withdrawal from the contract following the 60-day deadline for obtaining a potential waiver from the US authorities,” the company told AFP news agency on Monday.