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TEHRAN, July 4, YJC - Patrick Pouyanné, the Chairman and CEO of Total said the company’s next step in Iran includes petrochemical and oil industry up-stream sector.
TEHRAN, Young Journalists Club (YJC) - “Total’s next step in Iran is focusing on petrochemical and oil-industry up-stream sector. We are now going to celebrate an agreement (we signed with Iran) on South Pars oil field and we will think about upcoming talks later,” he told reporters.
He also said that he would visit Iran in future to inaugurate a project whose agreement has been signed.
Total CEO noted that the company is the first foreign one going back to the Iranian market after lifting sanctions on Iran , “and it is an honor for us.”
He said that Total would invest $5 billion in two phases for development of South Pars 11th phase.
Pouyanné noted that this agreement is based on Iran’s new model of oil deals in a mega project, adding Total share in the developer consortium of the 11th Phase of South Pars is 50 percent which is quiet important for Total.
“We will produce 2 million cubic meters of gas daily in the phase,” he noted.
The French company is going to finance the project through its own financial accounts and no bank is involved in this agreement, he noted.
“We can do this, because Total is a big company and its financial accounts are sufficient to finance the agreement.”
He said that the company can receive income either from transfer of condensate or cash from Central Bank of Iran.
Pouyanné continued that the agreement is a very important step in developing bilateral ties between Iran and France.
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