Worried about risk from US sanctions, Total stops work on Iran gas project

Total SA said it will not risk investing in Iran following the return of U.S. sanctions unless it can secure a waiver.

Continuing to do business in Iran would be too great a risk as the company has large operations in the U.S. and depends on the country’s banks for financing its operations, Total said in a statement Wednesday. So the French energy giant won’t commit any more funds to Iran’s South Pars 11 project, in which it took a controlling stake last year.

The comments from Total -- the first Western oil company to sign binding agreements to develop Iran’s oil