Reuters – Oct 16 – MARRAKESH, Morocco – French oil major Total (TOTF.PA) has halted all its trade in oil products with Iran in compliance with a European embargo, Total Chief Executive Christophe de Margerie told Reuters in an interview.
Total was one of several European oil companies that had been resisting pressure from the United States to stop doing business with Iran, part of Washington’s drive to isolate Tehran over its nuclear programme.
De Margerie said his company was now respecting the embargo, though he indicated that it had not taken this decision in response to U.S. pressure.
”It’s very simple. There is an embargo which has been voted on and has been transposed into European and French law,” he told Reuters on Saturday on the sidelines of the World Policy Conference in the Moroccan city of Marrakesh.
”We await the implementing laws, but there you are, we will respect the embargo. The embargo is no more products sold, no more products bought, and we have already done it, we’ve already stopped,” he said.
Asked how long ago Total had stopped trading with Iran, de Margerie said: “Since the decision was voted on. We have not waited for the implementing decrees. So it’s over.”
But he added: “It’s because it’s the European law, I want to be clear on that.”
The United States and some other states suspect Iran is using its civilian nuclear programme to make bombs, while Tehran denies that and says it is purely for peaceful purposes.
Separately, the Total CEO also said he was confident a stalled deal to acquire a stake in two oil blocks in Uganda from Tullow Oil (TLW.L) would still go ahead.
Tullow bought a half share in the blocks from former partner Heritage Oil (HOC.TO) with a view to selling down part of the interests to Total and China’s CNOOC.
But the Ugandan government declined to approve the transaction following a tax dispute with Heritage
.
”It is delayed. That is sure. It is annoying because there is a lot of work to do. … But I really do not think that can call into question the entry of the Chinese and us at Total (into the concessions),” de Margerie said.
(Reporting by Christian Lowe; Editing by Jon Boyle)
