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
FORSPOKEN
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The%20Legend%20of%20Zelda%3A%20Tears%20of%20The%20Kingdom
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Marvel's%20Spider-Man%202
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Starfield
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A%20QUIET%20PLACE
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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
COMPANY%20PROFILE
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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
Killing of Qassem Suleimani
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
Company%20Profile
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