"Total is trying to develop its own channels to carry out banking affairs concerning Iran without falling afoul of US primary sanctions that still restrict doing financial activities with Tehran," Pouyanné said.
He reiterated that his company was trying to find European lenders willing to be a day-to-day banker in Iran to press ahead with its investment plans in Iran.
"We have identified some, I would say, medium-sized banks that are ready to work with Iran,” Pouyanné added.
Total signed a preliminary agreement with Iran last year to develop Phase 11 of the country’s giant South Pars gas field. The French major company would lead a consortium that comprises China’s CNPC and Iran’s Petropars over the project.
Pouyanné told reporters in February that his company’s final investment decision on Phase 11 would depend on whether US President Donald Trump waives executive orders against investments in the Iranian energy sector.