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Total to invest in Iran’s petrochemicals

Total to invest in Iran’s petrochemicals

TEHRAN: Oil Minister Bijan Zanganeh said Wed. the French energy giant has plans for heavy investment in Iran’s petrochemical sector. Speaking to reporters about the recent multi-billion IPC signed with Total for investment in Phase 11 of South Pars Gas Field, Bijan Zanganeh added that Iran is currently in talks with the French energy giant for investment in the petrochemical sector, adding that the announcement will be made only after negotiations have been finalized. Zanganeh further discussed details about the oil contract with Total, saying 50.1 per cent share of the deal will go to Total, 30 per cent to China National Petroleum Corporation (CNPC) and 19.9 per cent to Iran’s Petropars.

“The return of their money together with the proceeds will be a maximum 50 per cent of the field’s total production,” he added. “We said that our revenue from the field during its life span will be around $84 billion with the oil price at $50, but what Total will gain in 20 years will amount to around $12 billion, which is less than 15 per cent of the whole revenue from the field during its life span,” he explained. Zanganeh further added that Azadegan, Yadavaran, South Pars, Azar and joint oil fields have priorities for signing contracts with foreign companies.