Total chief executive Patrick Pouyanné had earlier said chances were "very slim" to secure a waiver for continued investment in Iran. AP
Total chief executive Patrick Pouyanné had earlier said chances were "very slim" to secure a waiver for continued investment in Iran. AP

France's Total certain to exit Iran gas project as China set to take lead



French oil major Total will “abide by the US sanctions” and seek an early exit from its investment in Iran, according to a source familiar with the matter.

“When the US made the decision about the sanctions, Total [was clear] that they would abide by the sanctions,” according to the source. The US imposed the first phase of sanctions over Tehran on August 6, with the full implementation targeting Iran’s energy industry set to come into force on November 4.

The decision leaves in disarray the biggest foreign investment in the Iranian hydrocarbons industry since the country’s 2016 nuclear deal, a $4.8 billion deal signed by lead investor French oil major Total, CNPC as well as local energy contractor Petropars.

The agreement to develop phase 11 of South Pars, the world’s largest gas field, which Iran shares with Qatar, was a major win for the country’s crippled energy infrastructure. Iran sits atop the world’s second biggest reserves for gas after Russia, but is still reliant on imports from neighbouring Azerbaijan and Turkmenistan to help cope with harsh winters since its domestic infrastructure cannot satisfy rising local demand.

The intent of Total to exit Iran comes amid conflicting reports from two separate Iranian news agencies on the handover of the project to China National Petroleum Corporation (CNPC), its co-investor in the gas field. On Saturday, an official of the state-owned National Iranian Oil Company's  (NIOC) was cited by two news agencies, IRNA as well as the energy-focused Shana as offering discrepant comments on the status of Total in the project. The former quoted Mohammad Mostafavi, NIOC director for investments, as saying that CNPC had replaced Total as lead investor while Shana followed up with a story that there had been no change in the existing status quo.

The comments caused confusion about the position of Total, whose chief executive in an interview with The National in March said the French energy giant would seek a waiver from the US government to continue its operations in Iran.

Analysts familiar with Iran’s hydrocarbons industry and decision-making in the sector said the discrepancy in messages from the NIOC stemmed from the fact that Total was already in the final stages of its exit from Iran, but has to wait for official confirmation.

"Obviously, they are still unsure how to announce it. Since Total’s exit is not finalised, it doesn’t mean that they will not exit and they announced a long time ago that they cannot and will not continue in South Pars phase 11,” said Iman Nasseri, managing director, Middle East at London-based Facts Global Energy.

__________

Read more:

Exclusive: Total to apply for waiver if US withdraws from Iran deal

Total may need to offload Iran gas stake amid looming US sanctions, analysts

Total says chances of Iran sanctions exemption 'very slim'

__________

Total’s exit now leaves the NIOC with the choice of appointing the local Petropars or CNPC, which has previously worked in large Iranian fields along the border with Iraq, as the lead in developing gas and condensate from the South Pars platform, he observed.

China earlier this year introduced the petroyuan as an alternative to the US dollar-dominated oil industry to enable payments in its currency, a move particularly beneficial to Iran. The Asian state is unlikely to abide by the White House policy due to its ongoing trade war with Washington. However, given the surging importance of US crude, which is set to overtake Saudi production this year, China, the world’s biggest importer of oil, was feared to have had a rethink. However the recent official comments of CNPC taking the lead may have confirmed China's continued involvement in the project.

“There wasn’t a certainty whether CNPC is willing to take over or even willing to continue, as there was always concern that CNPC may also decide to exit as well because of US sanctions,” said Mr Nasseri.

“It seems like they have reached an agreement or made a decision for Total’s share as per these recent comments,” he added.

Tori Amos
Native Invader
Decca

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Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

Six tips to secure your smart home

Most smart home devices are controlled via the owner's smartphone. Therefore, if you are using public wi-fi on your phone, always use a VPN (virtual private network) that offers strong security features and anonymises your internet connection.

Keep your smart home devices’ software up-to-date. Device makers often send regular updates - follow them without fail as they could provide protection from a new security risk.

Use two-factor authentication so that in addition to a password, your identity is authenticated by a second sign-in step like a code sent to your mobile number.

Set up a separate guest network for acquaintances and visitors to ensure the privacy of your IoT devices’ network.

Change the default privacy and security settings of your IoT devices to take extra steps to secure yourself and your home.

Always give your router a unique name, replacing the one generated by the manufacturer, to ensure a hacker cannot ascertain its make or model number.

Hales' batting career

Tests 11; Runs 573; 100s 0; 50s 5; Avg 27.38; Best 94

ODIs 58; Runs 1,957; 100s 5; 50s 11; Avg 36.24; Best 171

T20s 52; Runs 1,456; 100s 1; 50s 7; Avg 31.65; Best 116 not out

Januzaj's club record

Manchester United 50 appearances, 5 goals

Borussia Dortmund (loan) 6 appearances, 0 goals

Sunderland (loan) 25 appearances, 0 goals

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UAE v Zimbabwe A, 50 over series

Fixtures
Thursday, Nov 9 - 9.30am, ICC Academy, Dubai
Saturday, Nov 11 – 9.30am, ICC Academy, Dubai
Monday, Nov 13 – 2pm, Dubai International Stadium
Thursday, Nov 16 – 2pm, ICC Academy, Dubai
Saturday, Nov 18 – 9.30am, ICC Academy, Dubai

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

The biog

Birthday: February 22, 1956

Born: Madahha near Chittagong, Bangladesh

Arrived in UAE: 1978

Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.

Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”

The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Roger Federer's record at Wimbledon

Roger Federer's record at Wimbledon

1999 - 1st round

2000 - 1st round

2001 - Quarter-finalist

2002 - 1st round

2003 - Winner

2004 - Winner

2005 - Winner

2006 - Winner

2007 - Winner

2008 - Finalist

2009 - Winner

2010 - Quarter-finalist

2011 - Quarter-finalist

2012 - Winner

2013 - 2nd round

2014 - Finalist

2015 - Finalist

2016 - Semi-finalist

The specs: 2018 Audi Q5/SQ5

Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder /  3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km

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