Total to sign $4.8-billion gas deal with Iran

IRAN-ENERGY-GAS-SOUTH PARS

"The global contract for development of Phase 11 of South Pars in the framework of IPC (Iranian Petroleum Contract) will be signed on Monday, July 3, at 14:30, at a ceremony in Tehran attended by Iranian Oil Minister Bijan Namdar Zanganeh and senior officials from France's Total, China's CNPC and Iran's Petropars", the unnamed official also told Reuters.

Total Chief Executive Patrick Pouyanne has previously said it was worth the company taking the billion dollar risk of future sanction restrictions being imposed "because [the deal] opens a huge market".

Marziyeh Shahdaei said Iran was in talks with Total, Germany's BASF and Britain's Shell on investment in the country's petrochemical industry.

Also shared with Qatar, South Pars is Iran's section of the world's biggest gas deposit. China National Petroleum Corporation (CNPC) will own 30% and Petropars 19.9%.Total will put in an initial $1 billion for the first stage of the 20-year project.

The phase, which was inaugurated in March 2015, is located in southeast part of South Pars gas field and covers a 206 square kilometers area.

The country's oil ministry announced the deal Sunday.

"IPC offers more attractive terms and conditions, including higher rewards for risky projects as well as 20-year terms of cooperation that can be extended", Qarekhani said, adding that the new contracts include extended contract duration of 20-25 years, allowing for much longer cost recovery after the first production.

Experts say Trump's hard line on Iran has caused worldwide majors, including Royal Dutch Shell and BP, to show limited interest in its energy market. The produced gas will be fed into Iran's gas network.

This would allow foreign companies a greater level of certainty and incentive.

Related News:

  • Student freed from North Korea suffered 'severe neurological injury'

    Student freed from North Korea suffered 'severe neurological injury'

    Fred Warmbier also criticized the Obama administration , giving credit to President Trump for returning Otto to the United States. It was earlier this year Warmbier and his wife, he said, decided they would no longer practice "strategic patience".
    Russell Westbrook wins NBA MVP; Rockets, Bucks take 2 awards

    Russell Westbrook wins NBA MVP; Rockets, Bucks take 2 awards

    I can't do this all by myself, so I appreciate them. "You can always achieve your dreams if you have faith and you sacrifice". Both players received all 100 first-team votes from a panel of sports writers and broadcasters.
    First human case of West Nile reported in Pine Belt

    First human case of West Nile reported in Pine Belt

    Apply insect repellent containing DEET, picaridin, oil of lemon eucalyptus, or IR 3535 according to label instructions. Officials emphasize the public plays a vital role in controlling the spread of all mosquito-borne diseases.
  • Deputies: Woman gives birth to child fathered by 11-year-old

    Deputies: Woman gives birth to child fathered by 11-year-old

    Marissa Ashley Mowry , 25, of Port Richey , was charged with sexual assault and sexual battery on an victim under 12 years of age. The Hillsborough County Sheriffs Office Child Protective Division is also investigating the incident, WFLA added .

    Parade of forwards at top of NHL draft

    Athletic director Josh Whitman says initial research revealed several factors suggesting that hockey could be popular on campus. He spent the previous two seasons in the Swiss pro league, where he was coached by current Ottawa Senators coach Guy Boucher.
    Wisconsin AG asks court to review Dassey ruling

    Wisconsin AG asks court to review Dassey ruling

    A three-judge panel from the Chicago-based 7th Circuit on Thursday upheld the magistrate's decision to overturn his conviction. A federal appeals court has affirmed a judge's ruling that overturned the murder conviction of Brendan Dassey .
  • Early mistakes costly for Blue Jays starter Francisco Liriano

    Early mistakes costly for Blue Jays starter Francisco Liriano

    We win 11 in a row we're right back in the hunt, and we're not even that far out of the wild card if you look at the numbers". The way things have been going for the Jays at the plate, putting together a lengthy run needs an "if" asterisk attached.
    US Reviewing Allegations Airstrike on IS-run Jail Killed Dozens of Prisoners

    US Reviewing Allegations Airstrike on IS-run Jail Killed Dozens of Prisoners

    Last month's civilian death count of 427 from US-led coalition air strikes is more than double the previous 30-day toll from April.
    Google will no longer mine your emails for advertising data

    Google will no longer mine your emails for advertising data

    Could their emails be read when they used the free Gmail later in their day? The company announced the change on its website. Privacy activists have long complained that the scanning of email contents amounts to unwarranted "eavesdropping" on users.
  • Mueller and Comey not as close as Trump and others suggest

    Mueller and Comey not as close as Trump and others suggest

    Of course, Trump could delete the tweets at any time - he's already deleted a handful of tweets during his presidency. We've entered a realm of reality in which we cannot trust a single word that the sitting U.S.

    France's Macron says European Union door remains open to UK

    Macron said: "Once the negotiations have started we should be well aware that it'll be more hard to move backwards". May intended as the leader of a minority Government - said it was for her to comment on the UK's intentions.

    FIFA Confederations Cup: Portugal, Mexico through to semi-final

    Like he did before the Mexico game, Hudson called on the Kiwis to be "brave" against the European champions . We have a definite plan but I would not want to go into details.


Most liked

Andy Murray limps with a sore hip, pulls out of Wimbledon warm-up
Federer, now favourite with Murray only third in the betting, warned: "Andy needs to feel he could play for 14 days, or seven matches".

PM Modi 'experiments' for country's betterment: Manjhi on GST rollout
GST, he said, was really a Good and Simple Tax which would just take a little getting used to like every new pair of spectacles. The integration of the Indian economy into a single entity will improve economic efficiency, it said.

Novak Djokovic beats Gael Monfils to claim Eastbourne title
It was the 12-time Grand Slam champion's first grass-court title since winning Wimbledon in 2015 and the 68th title of his career. Djokovic set about putting Monfils under pressure right away and was rewarded with a break in the first game of the match.

My Spidey-Sense Is Tingling! Watch 'The Best Parts: Spider-Man'
He said: "I had my best mate, Harrison, with me through all this and having him with me has been my touchstone to reality". It's going to be the biggest movie of all time . "Putting on the suit is one of the coolest things", he says.

Skip the flu shots with a skin patch
A snap system was incorporated into the device to let users know when enough pressure had been applied to the patch . Once the mixture dried, they removed it from the molds and applied the resulting patches to the skin of lab mice.

USA top Democrat slams Obama administration's response to Russian hacks
The President appears to be reacting to a Washington Post story , which reported that the Central Intelligence Agency informed Mr. Then this:.under a magnifying glass, they have zero "tapes" of T people colluding.

Another Trumpcare plan: Just don't get sick
At least five Republicans have so far publicly stated that they can not support the legislation in its current form. House health care legislation negatively, according to polling conducted by the American Medical Association .

Brazil's president says corruption charge is 'fiction'
Lula is being prosecuted in five separate criminal cases, on charges ranging from corruption to influence-trafficking. A third of Temer's cabinet and dozens of members of congress are being investigated for corruption .

Bernie and Jane Sanders Lawyer Up Amid Burlington College Investigation
In a separate complaint, Toensing alleged that Bernie Sanders' senatorial office pressured a bank to approve the loan. Jane Sanders served as the president of the college from 2004 to 2011, Politico reported.

Magic sees Lonzo as 1 piece in Lakers' grand rebuilding plan
He has the talent to be an All-Star. "I think when this really came into focus for us was, we knew the talent was transcendent". I talked to, I think, four teachers, they all said at different times, this guy, everybody attracts to this guy.

McEnroe: Williams would be ranked 'like 700' on men's tour
We may never find out, but maybe we could one day see her take the court against McEnroe himself as the next best thing. Serena Williams is not a fan of John McEnroe saying that she would be "like No. 700 in the world" on the men's circuit.

GOP senators now oppose health bill _ enough to sink it
But Republicans only hold a 52-48 majority in the Senate, with all Democrats expected to vote against the Republican proposal. A cynic might say that the BCRA is less a Republican health care bill than a caricature of a Republican health care bill.

US president wishes Muslims 'warm greetings' for Eid
The supreme court of Afghanistan confirmed Sunday, the 25th of June, as the first day of Eid-ul-Fitr in the country. So, Eid will be celebrated on the first day of Shawwal, which is the 10th month of Islamic calendar.

England 181-8 against South Africa in 3rd T20
South Africa will need to address their batting in the death overs, even though Farhaan Behardien looks in good nick. He made 105 out of South Africa A's first innings of 283 against the England Lions in Canterbury on Thursday.

India hammer Pak 6-1 in classification clash
The winning team will play the 5-6 position match while the losers will go on to take part in the 7-8 classification game. The icing on the cake for India, however, came late in the form of Mandeep Singh, from a wonderful field goal.