TEHRAN, July 12: Iran’s oil minister confirmed on Saturday that French energy giant Total has dropped out of a multi-billion-dollar gas investment in the Islamic republic, the state broadcaster reported.

“In our eye Total is considered out,” Gholam Hossein Nozari was quoted as saying on the state broadcaster’s website.

“Total’s recent move in withdrawing from phase 11 of the South Pars is a completely political move and not a commercial one,” Nozari said.

“As soon as we heard this news we started work on this phase with power and will continue powerfully,” he added.

The French firm’s chief Christophe de Margerie said in an interview published on Thursday that it was too politically risky to invest in Iran at present.

Total, with its expertise, was to develop phase 11 of Iran’s giant South Pars gas field to produce liquefied natural gas (LNG) alongside Malaysia’s Petronas.—AFP