Tehran, Iran, Aug. 1
By Mehdi Sepahvand – Trend:
Conservatives in Iran failed to challenge the government’s recent deal with the French Total over the development of South Pars Phase 11 after a high-ranking body tasked with making a final judgment on it ratified the deal.
The deal was ratified by the Supreme Council on Oil Reserves in the Parliament, according to Kholamreza Tajgardoon, head of the Parliament’s Planning and Budget Commission, SHANA news agency reported.
Government spokesman Mohammad Bagher Nobakht said the approval came despite efforts “to cast doubt on” the deal.
He noted the council that approved the deal consisted of the general prosecutor, head of the Parliament’s energy as well as planning and budget committees, head of the Planning and Budget Organization, head of the Central Bank of Iran, minister of economy, and minister of petroleum.
On July 3, Iran and a Total-led consortium signed a $5-billion contract for development of Phase 11 of South Pars gas field.
Under the deal, Total would operate the project with a 50.1 percent stake, China's CNPC would own 30 percent and Iran's Petropars would have 19.9 percent.
The contract is the first deal based on the Islamic Republic’s newly designed oil and gas agreement model, called Iran Petroleum Contract (IPC).
Conservatives accused the government of probably having failed to secure the country’s interests in the deal, demanding high-ranking investigation into it.