Total SA together with PetroChina, executed the contract related to the South Pars 11 (SP11) project, in full compliance with UN resolutions and US, EU and French legislation applicable at the time.
SP11 is a gas development project dedicated to the supply of domestic gas to the domestic Iranian market and for which Total has voluntarily implemented an IRGC-free policy for all contractors participating in the project, thereby contributing to the international policy to restrain the field of influence of the IRGC.
Recently, President Donald Trump announced the United States’ decision to withdraw from the Joint Comprehensive Plan of Action (JCPOA) and to reinstate the US sanctions that were in force before the JCPOA’s implementation, subject to certain wind-down periods.
As a consequence, and as already explained before, 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. This project waiver should include protection of the company from any secondary sanction as per US legislation.
Total SA together with PetroChina, executed the contract related to the South Pars 11 (SP11) project, in full compliance with UN resolutions and US, EU and French legislation applicable at the time.
SP11 is a gas development project dedicated to the supply of domestic gas to the domestic Iranian market and for which Total has voluntarily implemented an IRGC-free policy for all contractors participating in the project, thereby contributing to the international policy to restrain the field of influence of the IRGC.
Recently, President Donald Trump announced the United States’ decision to withdraw from the Joint Comprehensive Plan of Action (JCPOA) and to reinstate the US sanctions that were in force before the JCPOA’s implementation, subject to certain wind-down periods.
As a consequence, and as already explained before, 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. This project waiver should include protection of the company from any secondary sanction as per US legislation.
No comments:
Post a Comment