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TEHRAN, July 12, YJC - Iranian Oil Minister Bijan Zangeneh said the country’s deal with Total deal creates security.
TEHRAN, Young Journalists Club (YJC) - “Iran’s agreement with Total is an important agreement and important deal which can create employment, wealth, income and security,” he said.
He also said that the agreement can motivate other investors to make investment in Iran. “We should also try attracting individuals together as we reached consensus on models of deals.”
Zangeneh further said that there is no limitation on using local potential in Iran.
Early July, French energy giant Total signed a multi-billion-dollar gas deal with Iran, the first by a foreign firm in more than a decade.
Based on the deal, Total would invest an initial $1 billion in the development of Phase 11 of South Pars offshore gas field.
The giant French energy corporation would lead a consortium over the project that would also comprise China’s CNPC and Iran’s Petropars. It will take a 50.1 percent stake in the South Pars Phase 11 project, while CNPC will own 30 percent and Iran's Petropars 19.9 percent.
Total's CEO Patrick Pouyanne and Iranian Oil Minister Bijan Namadar Zanganeh signed the 20-year deal, which would eventually see the consortium pour $4.8 billion into the project.
Pouyanne later met President Hassan Rouhani.
The aim is to start pumping into Iran's domestic grid in 2021, eventually reaching above 56 million cubic meters (around 2 billion cubic feet) of gas per day.
Last November, Total signed a basic agreement, worth $4.8 billion to develop South Pars Phase 11 in cooperation with China’s CNPC and Iran’s Petropars.
The company’s CEO and Chairman Patrick Pouyanné said in February that a final investment decision over the project hinges on whether the US would renew sanctions waivers against Iran or not.
Total had signed up to develop Phase 11 back in 2009 but was forced to abandon its projects in Iran in 2012 when France joined a US-led campaign to put sanctions, including an oil embargo, against the country.
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