Gulf Oil and Gas accountACCOUNT

Merely UNSC Sanctions Can be Able to Force Total out

Source: www.gulfoilandgas.com 11/20/2017, Location: Asia

Share |
Irans petroleum minister has stated that French energy giant Total - that has won a deal to develop a key gas project in the country - can quit only if forced to do so as a result of sanctions by the UN Security Council.

Bijan Zanganeh said that deal determined the conditions by means of which the French company could quit the project to develop Phase 11 of South Pars energy zone.

“The agreement with Total is a credible one and that company cannot withdraw from the project under ordinary conditions,” Zanganeh said.

“It can only withdraw from the project if international sanctions are imposed against Iran by the UN Security Council.” Zanganeh further said speculations regarding the withdrawal of Total from South Pars Phase 11 were a result of a “negative media campaign” by certain groups that could benefit if the French company did so.

“There are even some who mistranslate the news regarding Total’s presence in Iran merely to create anxiety,” he noted.

In early July, Total signed an agreement worth $4.8 billion over the development of South Pars Phase 11 in cooperation with China’s CNPC and Iran’s Petropars.

Iran said in early November that it had given the required work permits to the foreign employees of the French energy giant thus setting the company in motion to start the development of the project.

Total CEO Patrick Pouyanné was also quoted by media as saying that his company was moving ahead with a plan to develop South Pars Phase 11. Pouyanné nonetheless emphasized that his company would have to revisit the deal with Iran is the US re-imposes sanctions against the country.

For now, Total is awaiting a US Congress decision on whether the Iran nuclear agreement is in line with the American interests, Pouyanne said last month.

Acquisitions and Divestitures News in Iran >>

United Kingdom >>  1/18/2018 - Ithaca Energy Inc. (Ithaca) announces that it has entered into an agreement for the sale of its entire interest in Licences PL089, P534 and PEDL 328, ...
Norway >>  1/16/2018 - In connection with the Award in Predefined Areas (APA) for 2017 Statoil has been offered interests in 31 exploration licences on the Norwegian contine...

Norway >>  1/16/2018 - The Norwegian Ministry of Petroleum and Energy offers the industry 75 production licenses on the Norwegian continental shelf in the Award in Pre-Defin...
Norway >>  1/16/2018 - Faroe Petroleum, the independent oil and gas company focussing principally on exploration, appraisal and production opportunities in Norway and the UK...

Norway >>  1/16/2018 - The Norwegian Ministry of Petroleum and Energy has awarded five new licenses to DEA in this year’s APA round. DEA’s Exploration Manager Svend Erik Pet...
United Kingdom >>  1/16/2018 - United Oil & Gas, the London Stock Exchange listed oil and gas exploration and development company, has announced an agreement to farm-in to the Coral...

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

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


Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 |

Oil & Gas Projects in Iran >>

More News

 

Oil & Gas Companies in Iran >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.