PARIS Feb 9 French oil major Total
plans to make a final investment decision on a $2 billion gas
project in Iran by the summer, but the decision hinges on the
renewal of U.S. sanctions waivers, the company's chief executive
said on Thursday.
Total was the first Western energy company to sign a major
deal with Tehran since the lifting of international sanctions
against Iran. Its project aims to develop South Pars 11, which
is part of the world's largest gas field.
Chief Executive Patrick Pouyanne said South Pars 11 will be
among a couple of projects to be approved by the company to
start by the summer, if nothing is modified with regards to the
"There are two executive orders that are supposed to be
renewed before summer," he said, explaining that the
administration of previous U.S. President Barack Obama had
signed waivers suspending the sanctions.
"These are supposed to last about 18 months. So President
Trump will have to, or not, renew these sanction waivers,"
Pouyanne told journalists in Paris.
New U.S. President Donald Trump has said the Iran nuclear
deal, which ended a diplomatic standoff between Iran and six
world powers over the country's nuclear policy and opens the way
for western investment, was "the worst deal ever negotiated."
(Reporting by Bate Felix and Benjamin Mallet; Editing by Sudip