rss icon Subscribe
desktop mobile

Total Seeking to Buy Stake in Iranian LNG Project

Photo: Total

By Aiswarya Lakshmi

French oil giant Total held talks with Iranian officials about several projects in the country in 2016, notably a 10 million tonnes per year liquefied natural gas project (LNG), Reuters reported.

It has signed an agreement with Iranian authorities for a 50 per cent stake in Iran's South Pars gas field project which will developed at an investment of $4 billion.
Sources told Reuters in February that Total was in talks to buy a multi-billion dollar stake in Iran's partly-built LNG export facility.
Total signed a preliminary deal for the South Pars project last year, becoming the first Western oil major to sign an energy agreement after the European Union and the United States eased sanctions against Iran.
In a filing to the US Securities and Exchange Commission, Total said the South Pars 11 project would require investment of about $4 billion, with the French firm financing 50.1 percent with equity contributions and payments in non-US currency.
Total said in its filing that it discussed other projects with Iranian officials in 2016 and carried out technical reviews, including for investment in a 10 million ton-per-year liquefied natural gas (LNG) plant at Tombak on the Persian Gulf coast.
In February, sources said Total was in talks to buy a stake in the partly-built LNG plant at the port.
The French firm also said in its filing that it discussed plans to invest in the South Azadegan oil field.
Total said it resumed trading with Iran in February 2016, and bought about 50 million barrels of crude for about $1.9 billion last year, most of it to supply its refineries.

Mar 18, 2017



US Navy: 355-Ship Fleet is the Mandate, Funding It is Fuzzy

(U.S. Navy photo by Morgan K. Nall)

As Congress wrestles with the budget, there is at least a bipartisan consensus that defense

Chinese Diesel to be Shipped 'west' in VLCC

File Image (CREDIT: AdobeStock / (c) Carabay)

Newly built vessel to load from Tianjin refinery a cargo of10ppm sulphur diesel meeting summer

Maersk at 16-month Low after CFO Departure

File Image: A Maersk boxship wrks cargo alongside. CREDIT: HR Wallingford

Maersk's shares down 4 pct at lowest level since November 2016.   The company says CFO Jakob


Pivotal Delivers First LNG Cargo to NASA

(Photo: Pivotal LNG)

Pivotal LNG said it has made its first delivery of liquefied natural gas (LNG) to the National

Emissions Regulations: 'It's Not Easy Being Green'

(Photo: Robert Kunkel)

Nor is it getting any easier to understand when, how and why to comply.   Whether your marine

LNG Cargo from US Plant does U-turn for UK

File Image: The Cove Point LNG facility (CREDIT: Dominion)

The first liquefied natural gas (LNG) cargo exported from a new plant in the United States at Cove

Maritime Apps