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Total says final decision on Iran project depends on U.S. waiver renewal

Feb. 09, 2017 12:56 PM ETTotalEnergies SE (TTE) StockTTEBy: Carl Surran, SA News Editor
  • Total (TOT +1%) plans to make a final investment decision on the $2B South Pars 11 gas project in Iran by the summer, but the decision hinges on the renewal of U.S. sanctions waivers, CEO Patrick Pouyanne says.
  • "There are two executive orders that are supposed to be renewed before summer," the CEO said in today's earnings conference call, explaining that the Obama administration had signed waivers suspending the sanctions for ~18 months.
  • Pouyanne said last November's decision to go ahead with the Iran project is a "win-win" deal, and that TOT had some guarantees in place that protects the company financially if the project does not go through.

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