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Iran: Gas sector may yet prove resilient to US sanctions

The confirmation on 20 August that French major Total was going to pull out of its $1bn deal to develop Phase 11 of the massive South Pars gas field came as little surprise. Total had warned it would be forced to abandon the project unless it secured a waiver from the United States ahead of the imposition of its second wave of sanctions – scheduled for 4 November – that will directly target Iran’s energy sector. That waiver was unforthcoming and oil minister Bijan Namdar Zanganeh duly announced that Total was pulling out.

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