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'Total' cannot drop major gas deal under US pressure: Iran

Total cannot drop major gas deal under US pressure: Iran

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  20 Nov 2017 12:00 AM GMT

TEHRAN, Nov 19: French energy giant “Total” cannot leave a major gas deal with the Islamic republic under the pretext of the US political pressures, Iranian Petroleum Minister Bijan mdar Zanganeh said. “Total” can only drop the deal if the United tions Security Council imposes intertiol sanctions against Tehran, Zanganeh said on Saturday on the sidelines of his meeting with visiting Deputy Prime Minister of Uzbekistan Alisher Sultanov, Xinhua news agency quoted Press TV as reporting. Zanganeh said Iran has a valid legal contract with “Total”, Chi tiol Petroleum Corporation (CNPC) and Iran’s Petropars.

In July, Iran and a consortium of the Chinese and French energy giants signed a multi-billion-dollar deal to develop Iran’s South Pars (SP11) gas field in the Persian Gulf. According to Zanganeh, the contract for development of the gas field is worth $ 4.8 billion. The contract will be carried out in two phases with a total period of 20 years. At each stage, 2.4 billion dollars of foreign fund will be allocated, the minister said, adding that “Total” will operate the SP11 project with a 50.1-per cent interest alongside CNPC with 30 per cent and Petropars with 19.9 per cent. Iran expects to produce as much as 56 million cubic meters of tural gas per day from the field once it is in full swing, he said. (IANS)

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