Total CEO Urges Trump to Honor JCPOA

TEHRAN (defapress) – The head of French oil major Total has urged US President Donald Trump to stick with the 2015 nuclear deal between Tehran and world powers, a report said.

News ID: 68641

Date: 13 February 2018 - 12:30

Total’s CEO Patrick Pouyanne said he had raised the topic of Iran with Trump at a dinner in Davos in January, and asked the president to keep faith with the nuclear deal, arguing that oil and gas investment would help the cause of reformers in Tehran.

“I made the argument, but the question is how much time do we give to the reformists? Do we give them enough time to . . . help them to go towards more democracy?” Pouyanne said in a recent interview with the Financial Times.

“I think Donald Trump listened; it does not mean that he agrees.”

Trump has been pushing for changes to the deal, also known as the Joint Comprehensive Plan of Action (JCPOA).

In January, Trump gave European allies an ultimatum to come up with a tougher approach on Tehran or see US sanctions re-imposed.

Total signed a deal with Tehran last July to develop phase 11 of Iran’s South Pars field with an initial investment of $1 billion, in the first major western energy contract in the country since sanctions were lifted.

Pouyanne said in the interview that Total was fully committed to the South Pars project but had several ways to exit if sanctions were reimposed.

“If the framework, the rules of the game, change, of course we will have to re-evaluate,” Pouyanne said.

The Total CEO said that selling its 50.01 percent stake to one of its partners in the project, China’s state-owned CNPC, was a possibility to exit the investment, while another option would be to stop the project altogether, according to the FT.