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Product Overview

In the fall of 1997, the Clinton administration faced a tricky dilemma about whether or not to impose economic sanctions on its French, Russian, and Malaysian allies for violating a recently enacted law. The quandary arose when Total S. A. (Total), the second-largest French oil company, announced a $2 billion deal with Iran to develop natural gas fields in partnership with Gazprom of Russia and the Malaysian company Petronas. The enormous project was estimated to be capable of producing two billion cubic feet of gas per day. Just days before the deal, in preparation for its defiant move, Total divested itself of its U.S. holdings, Total Petroleum.