Skip to comments.French energy giant Total officially pulls out of Iran
Posted on 08/20/2018 10:25:13 PM PDT by Olog-hai
Total, Frances largest energy company, announced on Monday it was pulling out of a $4.8 billion (4.1 billion) Iranian gas field project, after admitting it was extremely vulnerable to the threat of US penalties against those doing business with Iran.
The French group was one of three major energy companies set to help supply the state-of-the-art technology needed to tap into South Pars, the worlds largest natural gas field shared by Iran and Qatar.
However, after abandoning the 2015 Iran nuclear accord in May this year, the United States has said it will reimpose sanctions on Iran in two phases, in August and November. The second round of sanctions will target the countrys vital oil and gas sector. Any firm found doing business with Iran could risk facing serious US penalties. [ ]
The French energy giant had been due to invest an initial $1 billion into the 20-year gas field project, which it signed up to in July 2017 along with the state-owned China National Petroleum Corporation (CNPC) and Irans Petropars. Total first announced in May that it was halting investment in the project, adding that it had spent less than 40 million to date, amid increasing uncertainty over US actions in the region.
Total also admitted it would be extremely vulnerable to US penalties; it has some $10 billion of capital employed in its US assets, while American banks are involved in 90 percent of its financing operations.
(Excerpt) Read more at dw.com ...
Why were they there in the first place?
Oh yeah, “French Collaboration”.
They can, without fail, be counted on to collaborate with evil
This is going to hurt and the Iranian government will not be pleased. Next year will be the 40th anniversary of watching our embassy people being led through the streets of Tehran with blindfolds on. “Revenge is a dish which persons of taste prefer cold.”
Trump acts, and the Frogs jump. It’s called leadership from the *front*
“Forty Years”, you say?
OMG, it only seems like yesterday! NightLine/Ted Koppel, the peanut/X-President Carter in his cardigan, and the long, l o n g lines of vehicles waiting at the gas pumps.
I here you.
Iran’s currency value was already tanking compared to the dollar. This will accelerate that process.
In other words, they’ve got all their shills and cutouts arranged.
Irans currency value was already tanking compared to the dollar. This will accelerate that process.
Venezuela got rid of their foreign industrial experts voluntarily. Iran is having it done for them. The resulting loss in economic output is inflationary.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.