Zangeneh Gave Total Two Months to Negotiate with the US and Decide on Staying in Iran

In an effort to maintain foreign investments in the country, the Iranian Minister of Oil announced on Wednesday, June 9, that the French company Total has two months to negotiate with the United States. According to the official news agency of the Islamic Republic, IRNA, Bijan Zangeneh stated that Total has '60 days' to negotiate with the US and decide whether to remain in Iran. The Oil Minister in Hassan Rouhani's government also mentioned that if Total exits the country, the China National Petroleum Corporation will replace it. Donald Trump, the President of the United States, officially announced on May 8 that his administration was withdrawing from the JCPOA, the nuclear agreement with Iran, and that sanctions against Tehran would be reinstated. Less than two weeks later, the US Secretary of State also intensified pressure on the Islamic Republic in his first speech in this position, announcing the imposition of 'the most severe sanctions in history' against Tehran. Mike Pompeo, on Monday, May 21, outlined 12 conditions for reaching a new nuclear agreement with Iran, which were met with a negative response from Tehran. However, this announcement of withdrawal and the threat of further sanctions were enough to prompt foreign companies to reconsider their contracts with Tehran, initiating a trend that seems unlikely to stop in the coming weeks and months. Lukoil, Russia's second-largest oil company, announced on Tuesday, June 8, that due to concerns over the reinstatement of US sanctions, it currently does not intend to pursue projects related to Iran. On the same day, the Swiss BCP Bank also announced that following the US withdrawal from the JCPOA, it has cut new financial transactions with Iran and is significantly reducing its activities related to Iran. In addition to these two, the Tasnim news agency reported on Wednesday that a Swiss company's rail contract worth approximately $1.5 billion for the delivery of nearly 1,000 metro cars has been 'suspended.' Tasnim attributes this occurrence to 'US sanctions.' Now, the Iranian Minister of Oil has given Total 60 days to decide on 'staying in the development plan of Phase 11 of South Pars.' Bijan Zangeneh has also signaled to the French government to assist Total in this matter and to try to keep the company in Iran. IRNA reports that Mr. Zangeneh stated, 'The French government can also negotiate with the US during these 60 days to keep Total in Iran.' In recent days, several major European companies, including Maersk from Denmark and Siemens from Germany, have announced that due to the risks posed by the reinstatement of US sanctions, they are halting their activities in Iran. According to reports from IRNA, Tasnim, Reuters, Radio Farda.