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As sanctions loom, Total to pull out of gas project

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French oil and gas company Total S.A. said that it was unable to proceed with a $2 billion project to develop Iran's South Pars gas field amid U.S. sanctions against Iran, CNNMoney.com reported. Total said that it "will have to unwind all related operations" before Nov. 4, unless the company is granted a specific waiver by U.S. authorities. Total cannot afford any secondary sanction which might include loss of financing by U.S. banks for its worldwide operations, the company added.

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