French oil major Total plans to conclude negotiations with the Iranian petroleum ministry for its planned multi-billion dollar investment into the giant South Pars gas field before summer, the company's chief executive Patrick Pouyanne said on the sidelines of the OPEC annual meeting in Vienna on May 26, Reuters reported.
Talks were held up while Total waited to see whether the Trump administration would renew Obama-era waivers on sanctions imposed on Tehran. The waivers are linked to the November 2015 nuclear deal between Iran and major powers. The White House and US State Department agreed to the waivers on May 17.
Ranked as the world's largest gas field, South Pars is shared by Iran and Qatar.
Pouyanne met with Iran’s Oil Minister Bijan Namdar Zanganeh on the sidelines of the OPEC meeting.
Several other oil majors also met with the minister at the event.
Iran is looking to hold its first-ever auctions to award foreign companies deals on developing oil and natural gas fields. It is targeting around $100bn of investment.
A listed British investment company linked to one of Iran’s largest investment banks failed to disclose that its focus is on the Islamic Republic, Euromonitor wrote on November 21. Iran’s ... more
BGF Retail Co, operator of South Korea’s largest convenience store CU, has opened its first retail store in Iran, Yonhap News agency reported on November 22. The retailer added that the move was ... more
Iranian President Hassan Rouhani on November 21 declared the end of the so-called Islamic State militant and terrorist group following decisive battles in Iraq and Syria. Stating that he wished to ... more