Iranian Economy not Suffer Total’s Refusal: Iranian Experts

Azerbaijan, Baku, 11 July /corr. Trend T.Jafarov, G.Ahmadova / French Total Company's refusal to further invest in the oil and gas industry of Iran due to political crisis will not have significant economic impact on Iran, Iranian experts said.

The Head of Total, Christophe de Margerie, told this week in an interview with Financial Times newspaper that the company will not any more invest in development of gas field of Southern Pars in Iran. He described dangerous situation in Iran from a political point of view as a reason for this. The amount of Total's investments was not disclosed.

The Professor of Economic Sciences of Teheran University, Bijan Bidabad, considers that the refusal of further investment into Iranian economy by such companies as Total does not have a significant effect on the oil and gas industry of Iran.

"Only the mass connection of many countries to the sanctions against Iran can have negative economic impact," Bidabad told Trend .

According to him, if the United Nations and Security Council introduce new economic sanctions against the Islamic Republic, this, besides Iran, will also affect world economy because similar limitations will lead to oil price hike up to $200 per barrel.

Doctor of Economic Sciences of Teheran University, Jamshid Pejuan, considers that due to high profitableness of investments into oil and gas complex of Iran, other large oil companies will not refuse to further work in the country.

"Investments into oil and gas industry of Iran are profitable, and companies, which compete with Total, probably will try to occupy its place," Pajuan said via telephone.

However, the Professor of London School of Economics and Political Science, Marie Caldor, considers that Total's removal from Iran will only aggravate situation around this country.

"Total had to remain in Iran because Country's refusal of its activity in the country will give boost to the creation of war atmosphere between Islamic Republic and Israel," Caldor said via telephone.

Total had worked on Southern Pars Field since 1997. Southern Pars was opened in 1990. The development of the field is realized in 25 phases, and its operator is NIOC. The recoverable reserves of gas are estimated at 13-15trln cu.m.

The correspondent can be contacted at: [email protected]

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