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Total confirms has quit Iran's South Pars gas project

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Total confirms has quit Iran's South Pars gas project
FILE PHOTO: The logo of French oil giant Total on a flag at La Defense business and financial district in Courbevoie near Paris, France. May 16, 2018. REUTERS/Charles Platiau   -   Copyright  Charles Platiau(Reuters)
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PARIS (Reuters) – French oil and gas major Total <TOTF.PA> confirmed on Monday that it had notified the Iranian authorities of its withdrawal from the multibillion dollar South Pars gas project after it failed to obtain a waiver from U.S. sanctions.

“As for the future of Total’s share, we have not been informed of an official CNPC position, but as we have always said, CNPC, a Chinese state-owned company, has the right to resume our participation if it decides so,” Total said in an emailed statement.

(Reporting by Cyril Altmeyer; Writing by Richard Lough; Editing by John Irish)

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