All tagged Total

French Oil Giant Total Found Guilty of Corruption in 1997 Iran Gas Deal

◢ A French court on Friday fined oil giant Total EUR 500,000 for corruption after finding it guilty of paying bribes while bidding for a huge gas contract in Iran in 1997. The French company was accused of paying USD 30 million in bribes to middlemen, in return for help in securing the lucrative South Pars gas concession. In 2013 the company paid USD 398 million in the US to settle a similar case before it went to trial.

France's Total Has Officially Left Iran: Oil Minister

◢ French energy giant Total has officially quit its multi-billion-dollar gas project in Iran, Oil Minister Bijan Namdar Zanganeh said on Monday, following the reimposition of US sanctions. "Total has officially left the agreement for the development of phase 11 of South Pars (gas field)," he told parliament's news agency ICANA, adding that it had been more than two months since the French firm announced it would leave.

European Losers in New Iranian Sanctions Game

◢ US President Donald Trump's decision to pull the United States out of the 2015 nuclear accord with Iran and reimpose a raft of sanctions will hit European businesses working in Iran. Here is an overview of how firms stand to be affected when the sanctions kick in Monday.

Pompeo Urges EU to Get Tough on Iran

◢ US Secretary of State Mike Pompeo urged European powers to get behind American measures to cut Iran off from world energy markets Thursday, during talks in Brussels. While debate at the nearby NATO summit was marked by President Donald Trump's attacks on Germany's close energy ties with Russia, his top diplomat had another target.

Most French Firms 'Won't Be Able to Stay' in Iran: Minister

◢ Most French companies hoping to keep doing business in Iran after the US imposes new sanctions on the country will find it impossible to do so, Finance Minister Bruno Le Maire said Tuesday. These companies "won't be able to stay because they need to be paid for the products they deliver to or build in Iran, and they cannot be paid because there is no sovereign and autonomous European financial institution" capable of shielding them," Le Maire told BFM television.

Total Says Chances of Iran Sanctions Waiver 'Very Slim'

◢ French oil major Total said Friday the probability of winning an exemption from US sanctions against Iran to continue a major gas field project was very faint. On Friday, Total's chairman Patrick Pouyanné told shareholders that the prospect of a sanctions exemption was dim.

Iran Sets Sanctions Waiver Deadline for Oil Giant Total

◢ Iran's oil minister on Wednesday gave French energy giant Total 60 days to win a sanctions waiver from Washington or it would lose its stake in a multi-billion-dollar gas project. "Total has 60 days to negotiate with the US government," said Bijan Zanganeh, according to the oil ministry's Shana news agency. 

Iran Wary as EU Presents Measures to Save Nuclear Deal

◢ Iran said Saturday it would wait to see whether Europe produces tangible results in overcoming US sanctions before deciding whether to stay in the nuclear deal, as a top EU official visited Tehran to present plans to maintain trade ties. "The ball is in the court of the EU. They have presented different proposals, we will see if they materialize," Iran's Atomic Energy Organization head Ali Akbar Salehi told reporters.

Iran Says China Group Ready to Replace Total on Gas Deal

◢ Chinese state-owned oil company CNPC will replace Total on a major gas field project in Iran if the French energy giant pulls out over renewed US sanctions against Tehran, Iran's oil minister has said. Total started the USD 4.8-billion South Pars 11 project in July 2017, two years after Western powers signed a nuclear deal with Tehran prompting the return of many businesses to Iran.

France's Total To Seek Waiver If US Revives Iran Sanctions: CEO

◢ French energy giant Total will push ahead with a $4.8 billion deal to develop an Iranian gas field and will seek a waiver if Washington re-imposes sanctions, the firm's CEO has said. If Washington does walk away from the deal, Pouyanne said, Total will argue that as the project was "awarded prior to that decision during the period of time that we could sign."