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Iran Will Finalize Contract with Total within Two Months

Source: Reuters 2/21/2017, Location: Asia

Iran's oil minister said that the first of its new contracts would be finalized with Total within two months, according to the Mehr News agency.

Bijan Zanganeh said that a contract was still being pursued with Total but noted recent comments from the chief executive of the French company indicated it was awaiting feedback from the United States.

"From the information I have the policy of the European Union is not subordinate to the United States," Zanganeh told Mehr News.

"We will take the necessary steps to go ahead with the contract. But we also have a complaint as to why these things are being said."

Total plans to make a final investment decision on a $2 billion gas project in Iran by the summer, but the decision hinges on the renewal of U.S. sanctions waivers, Chief Executive Patrick Pouyanne said earlier this month.

Total was the first Western energy company to sign a major deal with Tehran since the lifting of international sanctions against Iran. Its project aims to develop South Pars 11, which is part of the world's largest gas field.

Zanganeh said that there has been no decision to stop the signing of new contracts but that some contracts have not been finalised because it is a time consuming process.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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