Total underlines commitment for cooperation with Iran

Baku, Azerbaijan, March 8

By Fatih Karimov - Trend:

Total is fully committed for cooperation with Iran, Stephane Michel, the president of Total's Middle East-North Africa division said.

The company is prepared to take necessary steps to eliminate barriers for cooperation with Iran, Michel said during a meeting with Amir Hossein Zamaninia, Iran's deputy oil minister in Tehran, March 8, the oil ministry's official SHANA news agency reported.

Michel said that France was the first country which signed contract with Iran to buy crude oil in the post-sanctions period, underlining that there is great potential for cooperation between Iran and the French company.

He also expressed Total's readiness to hold further negotiations with Iranian companies in line with the memorandums which were signed earlier.

The possibility of re-imposing sanctions against Iran makes the international investors concerned for presence in Iran, Michel said, adding the contracts should be designed in such a way that to decrease the companies risk in case of sanctions' return.

Following the oil sale contract between Iran and Total, the parties will sign a confidential disclosure agreement in the coming days in order to develop South Azadegan oilfield, which is shared with Iraq.

Total S.A. of France remains as the first major company to sign a deal for daily purchase of 160,000 barrels of Iranian crude while the contract is permanent alleviating the need to be renewed every year, managing director of National Iranian Oil Company (NIOC) Roknoddin Javadi said March 7.

On the basis of the nondisclosure agreement, specialized information of South Azadegan field will be placed at the disposal of the French company.

The oilfield is projected to produce 320,000 barrels per day (bpd) of crude oil in the first phase of its development.

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