French oil major Total plans to make a final investment decision on a $2 billion gas project in Iran by the summer, but the decision hinges on the renewal of US sanctions waivers, the company's chief executive Patrick Pouyanne said.
Total was the first Western energy company to sign a major deal with Tehran since the lifting of international sanctions against Iran. Its project aims to develop South Pars 11, which is part of the world's largest gas field.
Pouyanne said that South Pars 11 will be among a couple of projects to be approved by the company to start by the summer, if nothing is modified with regards to the sanctions, Reuters reports.
