Iran issues Total company 60-day ultimatum to secure US sanctions waiver

Authorities in Iran have issued French energy company Total 60-days to secure a waiver over US sanctions if it wants to remain an investor in the country’s offshore gas exploration.

That much information was revealed by Iran’s oil minister, Bijam Namdar Zanganeh, who added that if the US Department of Treasury failed to issue a waiver for Total, then China’s CNPC would take over.

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“During these 60 days, the French government can negotiate with the US government over the fate of Total’s investment in Iran,” the Tehran-based Mehr news agency quoted Zanganeh as saying on Wednesday.

On May 16, Total announced that it could pull out its investment from the South Pars gas field if it cannot secure a waiver from the US government.

President Donald Trump of the USA had earlier warned after imposing sanctions on Iran that any country or company doing business with the Asian country could face punitive measures by his government.

 

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