🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Iran berates Total for delaying gas field development deal

Published 15/02/2017, 13:41
© Reuters. A customer holds a gas pump as he fills-up his car in a Total station in Nice
TTEF
-

DUBAI (Reuters) - Iran's oil minister has criticised French oil company Total (PA:TOTF) for its decision to delay signing a contract to develop a gas field in southern Iran, saying that the reasons given by Total's chief executive were "unacceptable" to Tehran.

Total was the first Western energy company to sign a major deal with Tehran since the lifting of international sanctions with its South Pars 11 project in the Gulf to develop a part of the world's largest gas field that Iran shares with Qatar.

Total's chief executive, Patrick Pouyanne, said last week that it aimed to make a final investment decision on the $2 billion (1.61 billion pound)project by the summer, but the decision hinges on the renewal of U.S. sanctions waivers.

"I don't know why Total has said so," Bijan Zanganeh was quoted as saying by Mehr news agency on Wednesday.

"It's been included in the contract that we all follow European Union's policies. Their comments are unacceptable," he added.

U.S. President Donald Trump has called into doubt the Western powers' deal with Iran over its nuclear technology development programme and, responding to an Iran's ballistic missile test last month, imposed fresh sanctions on Tehran.

© Reuters. A customer holds a gas pump as he fills-up his car in a Total station in Nice

The South Pars 11 project aims to produce 1.8 billion cubic feet a day of gas, equivalent to 370,000 barrels of oil. The produced gas will be fed into Iran's gas network.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.