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French Total Lost $40m Because of Trump

French Total Lost $40m Because of TrumpFrench Total Lost $40m Because of Trump

By restoring sanctions against Iran, the administration of US President Donald Trump has forced companies, including French, to stop operating in Iran.

"Total has lost $40 million because of abandoning the development of Phase 11 of South Pars Gas Field in the Persian Gulf," the CEO of Total Patrick Pouyanne was quoted as saying by BFM TV, France's economic news portal. Pouyanne, who had already announced that he would withdraw from the major gas project in Iran for lack of an exemption from Washington, assured that he had no other choice.

"You cannot run an international group in 130 countries without access to the American financial world, so in fact US law applies and we have to leave Iran," he said. "A company like ours must respect the laws that apply to us", so "we must withdraw". But "I hope we can return to Iran one day," he added.

According to Pouyanne, at the scale of Total, which invests $15 billion per year, $40 million are not much.

Trump announced in early May the withdrawal of US from the agreement and the reinstatement of sanctions against Iran as well as against all companies with ties to the Islamic Republic.

 

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