May 16, 2018 / 2:00 PM / 4 months ago

France's Total says unable to continue Iran South Pars project

PARIS, May 16 (Reuters) - French oil and energy company Total said on Wednesday it could not continue with the Iran South Pars 11 (SP11) project, in light of a decision by U.S. President Donald Trump to withdraw from an international nuclear deal with Iran.

“On 8 May 2018, President Donald Trump announced the United States’ decision to withdraw from the JCPOA (nuclear agreement) and to reinstate the U.S. sanctions that were in force before the JCPOA’s implementation, subject to certain wind down periods,” Total said in a statement.

It added that as a consequence, Total will not 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 U.S. authorities with the support of the French and European authorities. (Reporting by Sudip Kar-Gupta; Editing by Geert de Clerq)

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