Gas Processing & LNG is Produced by Gulf Publishing Holdings LLC



Iran says to refund Total when phase 11 of South Pars gas project operational

(Reuters) - Iran will reimburse French oil and gas major Total for its investment in the South Pars natural gas field but not until phase 11 of the multibillion-dollar project becomes operational, Iranian Oil Minister Bijan Zanganeh said.

Total signed a contract in 2017 to develop phase 11 of the field with an initial investment of $1 billion, but it pulled out of the project in late August after failing to obtain a waiver from reinstated U.S. sanctions on Tehran.

“Total is not supposed to pay a sum as a penalty to Iran, but the money that this company has invested in phase 11 of South Pars until now will not be reimbursed until the time of operation and production,” Zanganeh was quoted as saying by SHANA, the news site of the oil ministry.

In May, when Total said it would pull out of the project unless it secured a sanctions waiver, the company said it had so far spent less than 40 million euros on the project and withdrawing would not impact its production growth targets. (Reporting by Babak Dehghanpisheh Editing by Helen Popper)


Copyright © 2018. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

                                  CMEGroup                                     Icelogo

FEATURED COLUMNS

Editorial Comment
-Adrienne Blume
The US Energy Information Administration (EIA) reported in April that the US set records for natural gas production in 2017.
EWAnalysis
- Energy Web Atlas
Since market reforms first started in 1978, China has shifted from a centrally planned economy to a market-based economy, experiencing rapid economic and social development.
Industry Perspectives
-Eugene Gerden
Russia aims to ally with Qatar in LNG competition with Australia and other LNG-exporting majors over the coming years.


GasPro 2.0: A Webcast Symposium

Register Now

The global LNG industry is becoming increasingly interconnected as grassroots export projects get off the ground. Another technology route for processing gas into fuels—GTL—is attracting renewed attention due to improving economics. Small-scale solutions for both LNG and GTL are at the forefront of new technological developments, while major projects using more conventional technologies continue to start up around the world.

During this webcast, we will focus on LNG, GTL, gas processing technology developments and deployments, operations, small-scale solutions, transportation, trading, distribution, safety, regulatory affairs, business analysis and more.

October 25, 2018 08:30 AM CDT

Register Now

 

Please read our Term and Conditions, Cookies Policy, and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2018 Gulf Publishing Holdings LLC.