Total Weighing Iran Investment

Iran says the French oil giant, Total, will make its final decision on investment in Iran’s “Pars LNG” project in the next few months. “Total is expected to announce its Final Investment Decision (FID) regarding “Pars LNG” project in the next 3-4 months”, Press TV quoted managing director of National Iranian Oil Company (NIOC) as saying.

He added, “We are looking for some ways to curb Total’s investment expenses in Iran.”

The managing director of Total had earlier referred to the likelihood of a delay in the Company’s FID because of a rise in expenditures and geopolitical tensions.

Total has estimated the overall expenses of investment in the project at $10b.

“Pars LNG” pertains to the development of phase 11 of South Pars gas field and construction of the 1st LNG plant in Iran.

Iran’s Oil Minister Kazem Vaziri Hamaneh had earlier said Total’s estimates regarding costs of the LNG plant was too high, adding that talks are underway with the French company on the issue.

NIOC chief disclosed that 11 foreign companies including the Spanish Repsol were ready to take part in a tender for oil/gas exploration in Iran.

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