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France's Total to Go ahead with Major Iran Gas Project -CEO

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 ESET    1,226

Total will go ahead with development of a giant Iranian gas field this summer, its CEO told Reuters, in the first major western energy investment in the country since Tehran signed an international nuclear deal.

Chief Executive Patrick Pouyanne said the French group would make an initial $1 billion investment after the United States extended sanctions relief for Iran under the 2015 agreement.

Washington has warned that it could cancel the sanctions waivers if it believes Tehran is not curbing its nuclear programme in line with the deal with world powers.

"It is worth taking the risk at $1 billion because it opens a huge market. We are perfectly conscious of some risks. We have taken into account (sanctions) snap-backs, we have to take into account regulation changes," Pouyanne said in an interview.



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