Total to sign Iran gas deal, biggest since sanctions lifted

Updated 02 July 2017

Total to sign Iran gas deal, biggest since sanctions lifted

TEHRAN: French energy giant Total will finally sign its multibillion-dollar agreement to develop an Iranian offshore gas field on Monday, the Oil Ministry said, in the biggest foreign deal since sanctions were eased last year.
“The international agreement for the development of phase 11 of South Pars will be signed on Monday in the presence of the Oil Ministry and managers of Total, the Chinese company CNPC and Iranian company Petropars,” a ministry spokesman told AFP.
Total signed a preliminary deal with Iran in November, taking a 50.1 percent stake in the $4.8 billion project.
China National Petroleum Corporation (CNPC) will own 30 percent and Petropars 19.9 percent. Total will put in an initial $1 billion for the first stage of the 20-year project.The gas produced will “feed into the domestic Iranian market starting from 2021,” a Total spokesman told AFP in Paris. He said the company would “implement the project with the strictest respect for the national and international law.”
The contract was initially due to be signed in early 2017, but CEO Patrick Pouyanne said in February that Total would wait to see whether the US administration of President Donald Trump reimposed sanctions on Iran.
Trump threatened during his campaign to tear up the accord between Iran and six world powers that came into force in January 2016 and eased sanctions in exchange for curbs to Tehran’s nuclear program.
His administration has taken a tough line on Iran and imposed fresh sanctions related to its ballistic missile program and military activities in the region.


Abu Dhabi fund suspends debt service repayments for countries, companies

Updated 12 July 2020

Abu Dhabi fund suspends debt service repayments for countries, companies

  • Debt service repayments would be suspended for eligible countries and individual companies from Jan. 1 until Dec. 31

DUBAI: Abu Dhabi Fund for Development has suspended debt service repayments for some countries and companies for the year, the state-financed fund said on Sunday.
The fund provides financial assistance to companies in the United Arab Emirates and to developing countries, which has included Pakistan, Egypt, Sudan and Ethiopia.
Debt service repayments would be suspended for eligible countries and individual companies from Jan. 1 until Dec. 31, the fund said in a statement.
It did not say which countries or companies would benefit or what the criteria would need to be met to be eligible.
“At a time when the world is reeling under the effect of the pandemic ... it is imperative for us to support particularly those that need it most, especially the low-income countries,” the fund’s director general Mohammed Saif Al-Suwaidi said.