Energy Company May Withdraw from Iran South Pars Project

As a effect, "Complete is not going to be able to proceed the SP11 challenge and should unwind all related operations earlier than four November 2018 except Complete is granted a selected challenge waiver by the USA authorities with the assist of the French and European authorities", the French firm mentioned in a press release.

The move follows President Donald Trump's decision to withdraw the U.S. from the worldwide nuclear deal with Iran (JCPOA) and to reinstate the USA sanctions that were in force before the deal's implementation.

French oil major Total may turn its back on its $1bn (£740m) Iranian gas project within six months unless it can clinch a sanctions waiver for the project from the USA government.

The company said American banks are involved in over 90% of its financing.

Iran's energy ministry predicted past year that the Total-led project would eventually produce tens of billions of dollars worth of gas products.

France, Germany and Britain are leading a European effort to safeguard Europe's economic interests in Iran.

"We have a situation where there is a will to impose sanctions on Europeans and a resentment towards European companies who are now being accused of supporting a terrorist state. With that in mind it's a logical decision".

More news: Redmi S2 India to be launched on June 7

Joe Kaeser, the CEO of Germany's Siemens, told CNN his company would not be able to do any new business with Tehran.

"In these circumstances, Total will not take any further commitment related to the SP11 project and, is engaging with the French and U.S. authorities to examine the possibility of a project waiver", the group said. Furthermore, considering the various growth opportunities which have been captured by Total in recent months, Total confirms that a withdrawal from SP11 would not impact its production growth target of 5% CAGR between 2016 and 2022.

The total project, which also involves China 's CNPC and Iranian company Petropars, is estimated to be around $2 billion for the first phase.

Italy's Eni, which last June signed a provisional agreement with Tehran to conduct oil and gas feasibility studies, said after Washington's decision to quit the nuclear deal last week that it had no plans for new projects in Iran.

In an ironic twist, Trump's decision to threaten European companies that continue to invest in Iran may open the door to Chinese rivals.

Total's prospects of securing a waiver that would allow it to continue with the South Pars deal look slim.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Kilauea Volcano Alert: New Areas at Risk For Toxic Gas
Meantime, if rock and other sediment have fallen inward, blocking the steam that's being created, intense pressure builds up. Officials with the agency wouldn't estimate the likelihood of such an explosion, but called it a "distinct possibility".

Pakistan imposes restrictions on movement of USA diplomats
Pakistan wants Hall to stand trial in Islamabad , and demanded the U.S. waive his immunity, but the latter has refused. According to details, a special aircraft arrived at the Nur Khan Airbase here to take the American diplomat home.

U.S. fighter jets intercept Russian bombers off Alaska
A pair of USA fighter jets intercepted two TU-95 bombers, similar to the one pictured here, Friday morning off the Alaskan coast. F-22 fighters, stationed in Alaska, visibly inhibited and recognized the Russian bombers until they left the recognition zone.

Who Alabama softball plays in NCAA tournament after field announced
OR is the No. 1 overall seed for the second time in program history, and opens the tournament at home on Thursday against Albany. Auburn is 17-1 all-time against in-state foe Jacksonville State, with its last win coming by run rule, 14-2, on May 22, 2016.

Jupiter's icy Moon Europa Shoots Water Plumes Into Space
The case for a giant plume of water vapor wafting from Jupiter's potentially life-supporting moon Europa just got a lot stronger. U.S. legislators this month TO approved a bill that would give $US545 million to the Europa Clipper mission .

Communal clashes in Aurangabad over water, Sec 144 imposed
The youths from different groups burned some shops and also attacking each other with some pelting stones. Among those injured were seven women and a dozen policemen, including an assistant commissioner of police.

Manchester United assistant manager Faria to leave at season's end
Mourinho said of Faria's departure: "Seventeen years... in Leiria, Porto, London , Milan, Madrid, London again and Manchester ". But most of the time , Carrick was able to run the game without anyone getting near him, not just on the ball but off it.

Google will soon require OEMs to roll out 'regular' Android security patches
For instance, based on the subject of the email and the first half of the sentences, "Smart Compose" will predict text to fill in. The dashboard will break down per-app usage, notifications you've received, number of times you've unlocked your device.

Security For Royal Wedding Will Include Observation Towers For Sniper Surveillance
Of her exercise routine, Meghan revealed to the outlet at the time that she's a keen runner when it comes to working out. Meghan is not just from Los Angeles, she's from Hollywood, spiritually if not literally.

Family of six bomb Indonesia churches
After meeting with victims who had been taken to area hospitals, President Joko "Jokowi" Widodo inspected the bombing scenes. He added that terrorism was a crime against humanity that had nothing to do with any religion.

I owe you no apologies, IG tells Senate
The Senate re-summoned Idris after it refused to allow the deputy Inspector-General of Operations to represent him. Again, Ibrahim said the IGP traveled to Kaduna State to monitor the security situation there.

Judge rejects Manafort attempt to dismiss criminal case
The judge deemed that the indictment "falls squarely within that portion of the authority granted to the Special Counsel". Ellis, said he believed prosecutors were using the charges against Manafort to try to get him to turn against Trump.

Rage 2 due out 2019 - first gameplay trailer looks great
Bethesda has released RAGE 2's official gameplay trailer for public viewing and the trailer shows off weapons and vehicles. The gameplay trailer's description reveals that you'll be playing as Walker, the last Ranger of the wasteland.

Nintendo Reveals Mario Tennis Aces Beta Dates
The demo will be available to download from 25th May and will feature Bowser , Mario , Peach, and Yoshi as playable characters. If you gain enough performance-related points, you can unlock a further five characters, though it's not clear who these are.

Facebook suspends 200 apps for misusing data, privacy probe continues
New Scientist's report also claims that even if user's names are obliterated, the information can easily re-identify the user. Apparently, even the 200 suspended apps are expected to be further investigated via interviews and RFI requests.


More News

News
More News