(Photo: Sinolub.com)

France's Total announced to officially quit from multibillion-dollar gas project in Iran due to the threat of US sanctions, the French energy company said on Wednesday.

Total signed a contract in 2017 to develop phase 11 of Iran's South Paris field with an initial investment of 1 billion.

"Total will not continue the SP11 (South Pars 11) project and will have to unwind all related operations before 4 November 2018, unless Total is granted a specific project waiver by US authorities with the support of the French and European authorities,” said in a statemen of the French oil and gas major.