The logo of French oil giant Total is seen at La Defense business and financial district in Courbevoie, near Paris, France. May 16, 2018. REUTERS/Charles Platiau
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Total will pull out of a multibillion-dollar gas project in Iran if it cannot secure a waiver from U.S. sanctions, the French energy company said Wednesday.Companies are starting to take matters into their own hands as European and some other governments struggle to save an international nuclear deal with Iran after the United States withdrew and said it would reinstate sanctions on Tehran.Total said any waiver would need to include protection from secondary sanctions that Washington might impose on companies that continue to do business with Iran.An official in the French finance ministry said "precise requests" were being lodged with the U.S. authorities, including for Total, and that the company's decision was not a surprise.Total said it had so far spent less than 40 million euros ($47 million) on the project and withdrawing would not impact the company's production growth targets.
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