Iran says it will replace the French energy company, Total, with a new partner in the current phase of the country's enormous South Pars gas project.
A top Iranian official said Total would have no "active role" in developing the giant offshore gasfield, adding the company had held up a project key to Iran's development plans.
"This company has procrastinated in commissioning this national project," Seifollah Jashnsaz, the director of the state-owned National Iranian Oil Company (NIOC), said on Wednesday, according to the official IRNA news agency.
"On the basis of co-ordination with Total officials, another partner will join Phase 11 of the South Pars gasfield and Total's leadership share will be transferred."
A Total spokesman said the company was still in talks with Iranian authorities about its possible participation in South Pars. "We are still in discussion. No decision has been made yet."
Last month, Mr Jashnsaz said Total was set to sign a deal on South Pars development with Iran's government by March 20, but Total said an agreement was not imminent.
In July, Christophe de Margerie, the chief executive at Total, said investment in Iran was politically too risky.
Total was to have led the development of facilities for liquefying gas pumped from South Pars, which contains an estimated 500 trillion cubic feet of reserves, representing 8 per cent of global gas reserves.
Iran has long sought access to the sophisticated technology required to build and operate production facilities for liquefied natural gas (LNG), as it would enable the country to develop lucrative export markets for it, especially in the Asia-Pacific region.
But only a handful of energy companies worldwide, all based in Europe and the US, have the technical expertise for such a venture.
The US and its chief European allies have pressed companies to curtail investment in Iran, especially in areas involving advanced technology, in a campaign aimed at isolating it over its nuclear aspirations.
The UN applied sanctions against Iran after the country refused to dismantle its controversial nuclear enrichment programme. The US government and others believe Iran is covertly developing nuclear weapons. Iran's government says it is seeking only to develop civilian nuclear power.
"Total has declared in talks with NIOC that, because of sanctions against Iran, it cannot have an active role in the [South Pars] project, and so a partner has been chosen to transfer the company's stake to," Mr Jashnsaz said on Wednesday. He did not name the new partner.
The Turkish state petroleum company, Türkiye Petrolleri (TPAO), might invest US$6 billion (Dh22.03bn) in developing sections of South Pars, its chief executive, Mehmet Uysal, said today.
But TPAO is not known to have access to gas liquefaction technology, so it would probably be involved in phases related to supplying Iran's domestic gas market, or exports by pipeline.
Among other things, Iran hopes to supply gas to the planned Nabucco pipeline project, which would bring gas from Central Asia and the Middle East to Europe through Turkey, helping Europe lessen its dependence on Russian gas.
It is not yet clear whether the US, under the new administration of Barack Obama, would oppose such a plan.
tcarlisle@thenational.ae
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
SPECS
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
The%20specs
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
KILLING OF QASSEM SULEIMANI
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
PAST 10 BRITISH GRAND PRIX WINNERS
2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
