Iran says China group ready to replace Total on gas deal

Updated 17 May 2018
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Iran says China group ready to replace Total on gas deal

  • Total started the $4.8 billion South Pars 11 project in July 2017, two years after Western powers signed a nuclear deal with Tehran.
  • Chinese state-owned oil company CNPC will replace Total on a major gas field project in Iran if the French energy giant pulls out over renewed US sanctions against Tehran.

TEHRAN: Chinese state-owned oil company CNPC will replace Total on a major gas field project in Iran if the French energy giant pulls out over renewed US sanctions against Tehran, Iran’s oil minister has said.
“Total has said that if it doesn’t get an exemption from the United States to continue its work, it will begin to pull out of the deal,” Bijan Namdar Zanganeh was quoted as saying by his ministry’s Shana news service.
“If that happens, the Chinese firm CNPC will replace Total.”
Total started the $4.8 billion South Pars 11 project in July 2017, two years after Western powers signed a nuclear deal with Tehran prompting the return of many businesses to Iran.
But earlier this month, US President Donald Trump announced his withdrawal from the deal, and warned companies that they face sanctions if they do business with Iran.
The French group said Wednesday it has $10 billion of capital employed in its US assets, and US banks are involved in 90 percent of its financing operations, making Total highly vulnerable if targeted by any US actions.
By contrast, Total said it had spent less than €40 million on the Iranian project, which it runs with its partner Petrochina and which is dedicated to the supply of domestic gas inside Iran.
Zanganeh said on Wednesday that were CNPC, which was part of the Total deal, unable to carry out the work in South Pars due to US sanctions it would fall to Iran’s Petropars.
Iran possesses the second-largest gas reserves on the planet, after Russia, and the fourth largest oil supplies.


Instagram moves into e-commerce with shopping button

Updated 20 March 2019
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Instagram moves into e-commerce with shopping button

  • A new “checkout” button for instant purchasing launched in a beta version of the app in the US with a limited number of businesses
  • Facebook makes the bulk of its money from digital advertising but has dabbled with e-commerce in the past

SAN FRANCISCO: Facebook-owned Instagram on Tuesday made a move into potentially lucrative e-commerce by adding an option to buy products shown off in posts by selected brands.
A new “checkout” button for instant purchasing launched in a beta version of the app in the US with a limited number of businesses, according to the popular image-centric messaging service.
“We’re introducing Checkout on Instagram,” the Silicon Valley based division of Facebook said in an online post.
“When you find a product you love, you can now buy it without leaving the app.”
Tapping the checkout button will allow shoppers to select options such as size or color and then pay for items without leaving the Instagram app.
Previously, people inspired to buy products featured in Instagram posts had to follow links to outside online shopping sites.
Information entered for an initial purchase will be stored for future use, according to Instagram.
It remained to be seen how people would feel trusting information such as credit card details to a service owned by Facebook, which has been hit with waves of criticism for its handling of personal data.
Brands taking part in the checkout feature included Adidas, Burberry, Dior, H&M, Nike, Oscar de la Renta, Prada, and glasses retailer Warby Parker.
Facebook makes the bulk of its money from digital advertising but has dabbled with e-commerce in the past. It has pitched its Messenger service as a communication platform for shops or brands to connect with customers.