Zangeneh – Total implements contract

Zangeneh – Total implements contract
ID : N-492 Date : 2017/10/23 - 16:27

(Persia Digest) – Iran’s Petroleum Minister announced that Total has begun the implementation of its contract with Iran and other contracts are also in the pipeline.

The announcement has come at a time when there was speculation about the possibility of a Total withdrawal from Iran. Following Trump’s speech about its stance on Iran and the 2015 JCPOA nuclear agreement, Total CEO had said: “The decision of the US Congress about the JCPOA will be definitive regarding Washington’s policies towards this international agreement, hopefully leading to positive results for France’s Total and its USD 5BN contract with Iran.”

Total CEO went on to say: “Total respects international laws. If this calls for Total to leave Iran, it will do so.”

Iran Petroleum Minister, Bijan Zangeneh, also stated: “We are pleased that Total has not said it will leave Iran according to US reprisals. But, it has said that it will take steps according to decisions taken by the international community.”

Zangeneh also said that Trump’s speech about Iran had no effect on the oil market: “There are many decision-makers in the oil market and it is not defined by a single person or state.”

He reiterated: “If the threats made to Iran by the US President were to become effective, it would have raised oil prices sharply. But, we have seen no change in the oil market over the past week.”

Regarding moneys from the sale of oil, the Minister stated: “None of Iran’s customers are in arrears for the purchases they have made from us. There are, of course, problems with shifting oil revenues and we are pursuing plans to change part of our markets from Europe to Asia to resolve this issue.”

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