EnergyWatch

Total is completely out of Iran

Just one year ago, Iran was looking at big opportunities for expanding the country's production of oil and gas with extensive deals with oil majors such as Shell and Total. The excitement did not last long, however, and Total is now completely out of Iran.

Total has packed its things and completely abandoned Iran, Iranian oil minster Bijan Zanganeh tells Reuters on Monday. This is the first time Iran has confirmed rumors of Total leaving the country – rumors that began to spread around one week ago.

Total's decision come as a big disappointment for Iran, which had otherwise had banked on large, western investments in the nation's gas and oil production – investments sorely needed by the oil-abundant country, which is struggling with dilapidated infrastructure after years of sanctions.

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