Iran and French energy giant Total will finalize a $2b gas contract in April, Iranian Oil Minister, Bijan Namdar Zanganeh, stated, according to Real Iran. According to Zanganeh, National Iranian Oil Company and Total are still discussing the detail of a contract to develop Phase 11 of South Pars following a preliminary agreement signed in November.
Recent comments by Total’s CEO, Patrick Pouyanne, indicated the company was awaiting the US decision on the renewal of US sanctions waivers, as informed by Trade Arabia.
However, Zanganeh said that no decision has been taken to stop the signing of new contracts, although some contracts have indeed not been finalized since it is a time consuming process.
“From the information I have the policy of the European Union is not subordinate to the United States,” Zanganeh added.
Total was the first Western energy company to sign a major deal with Tehran since the lifting of international sanctions against Iran.
Before that, the company was active in developing Iranian energy projects for more than 20 years, ceasing operations in 2010 after disagreements over contract terms as well as pressure from the French and US governments over oil and trade sanctions against Tehran.