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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Total    FP   FR0000120271

TOTAL (FP)
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Total Will Pull out of Iran Gas Project if No Project Waiver Granted by U.S.

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05/16/2018 | 04:29pm CEST

By Alberto Delclaux

Total SA (FP.FR) said Wednesday it will unwind its operations in the Iran South Pars gas project before November unless it gets a project waiver from U.S. authorities and will not make any further commitments to the project, as a result of the U.S. withdrawal from the Iran nuclear deal.

The French oil-and-gas giant said it will engage with French and U.S. authorities to examine a possible project waiver, which should include protection from any secondary sanctions as per U.S. legislation.

If it doesn't get a waiver, the company will have to unwind operations related to the project before November 4, 2018, it said .

Total said it has spent less than 40 million euros ($47.5 million) related to the project up to this date. A withdrawal from the project will not impact its production target of 5% compound annual growth rate between 2016 and 2022, it added.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
TOTAL 1.13% 52.895 Delayed Quote.14.05%
TOTAL 0.95% 52.9 Real-time Quote.14.89%
WTI 0.03% 65.45 Delayed Quote.8.80%
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Financials ($)
Sales 2018 209 B
EBIT 2018 21 043 M
Net income 2018 14 003 M
Debt 2018 23 710 M
Yield 2018 5,02%
P/E ratio 2018 11,36
P/E ratio 2019 10,20
EV / Sales 2018 0,87x
EV / Sales 2019 0,83x
Capitalization 159 B
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 69,9 $
Spread / Average Target 17%
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Managers
NameTitle
Patrick Pouyanné Chairman & Chief Executive Officer
Patrick de la Chevardière Chief Financial Officer
Jean-François Minster Senior Vice President-Scientific Development
Marie-Noelle Semeria Group Chief Technology Officer & Senior VP
Patrick Artus Independent Director
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