Iran to ink gas production deal with France's TotalNovember 7, 2016 - 17:51 AMT PanARMENIAN.Net - Iran will sign a deal with France's Total on Tuesday, November 8 for the development of gas production at a major offshore field in the Gulf, the Iranian oil ministry said, according to AFP. The Heads of Agreement (HOA) for the development of Phase 11 of the important South Pars field is worth $6 billion (5.4 billion euros), a ministry spokesman told AFP. The accord must be finalised within six months, the spokesman added. The agreement involves a consortium led by Total, which includes the China National Petroleum Corporation (CNPC) and Iran's Petropars. The deal will be the first of its kind between Iran and a Western petroleum company since a nuclear deal with world powers took effect in January, lifting some international sanctions. It also marks the return of Total to Iran, years after it left the Islamic republic in 2012 when France took part in European Union sanctions, including an oil embargo. Total reached a general agreement in 2004 with Iran for the development of Phase 11 and a gas plant. But it was never finalised. In June 2009 Tehran signed a nearly $5-billion agreement with CNPC for the development of that phase. That contract was also cancelled in early 2013, because the Chinese side didn't honour its commitments. The offshore South Pars field, shared by Iran and Qatar in the Gulf, contains some 14,000 billion cubic meters of gas -- 8 percent of the world's known reserves. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. U.S. doesn’t see Russia as contributing to peace in Caucasus Patel made the remarks when asked about the implications of Russia’s withdrawal of peacekeepers from Karabakh. Up to 1% cashback when shopping on Wildberries with IDBank cards IDBank is launching an exclusive campaign on Wildberries for online shopping enthusiasts. |