“Total is committed to international regulations and will keep on abiding by,” said Stephane Michel, French oil major Total’s president for Exploration and Production in the Middle East and North Africa (MENA) region.
He made the remarks on Sunday in an interview with the correspondent of Iran’s official news agency (IRNA) at the HQ of the oil giant, reminding that US policy towards the JCPOA is an internal issue of no effect on international business.
“The JCPOA is still in place and we will continue running our activities in Iran,” asserted Mr. Michel when he was asked what Total’s reaction would be to Trump’s policies towards the nuclear agreement.
The contract to develop the offshore segment of South Pars 11 was jointly signed by Ali Kardor, the Managing Director of the National Iranian Oil Company (NIOC), Patrick Pouyanné the chairman and CEO of Total, Mr. Yuezhen Liu Chief Financial Officer of China National Petroleum Corporation (CNPC), and Ezzatollah Akbari the Managing Director of Petropars Group.
Under the terms of the 20 year long contract signed in July, France’s Total (TOTF.PA) holds 50.1 percent of phase 11 of South Pars, while China’s CNPC has won a 30 percent stake in the pact. The remaining 19.9 percent belongs to Petropars Group.
“So far we have readied our staff for the project and the requests for plausible Iranian partners have been submitted,” recounted Mr. Michel on what has been done about the phase 11 contract.
The 4.8 billion dollar contract will increase a 56 million cubic-meter per day of gas output to the total capacity of Iran’s gas production, upon completion and being tapped.
YNG/ IRN 82704383
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