Total to Invest in Iran's LNG Project

Iranian Oil Minister Gholam Hossein Nozari said that the French oil company, Total, has voiced preparedness to make a $12b investment in Iran's Liquefied Natural Gas (LNG) project. Speaking to reporters on the sidelines of an international meeting dubbed 'Geopolitical Developments of Energy and the Role of Natural Gas' here in Tehran on Sunday, the minister noted Total's readiness for investments in Iran, and stressed that the US sanctions against Iran's oil sector have produced no effect.

Nozari said that Indian companies have voiced preparedness to launch oil exploration operations in 17 different Iranian oil blocks, adding that Iran and the Chinese Sinopec Company were likely to sign a contract for the development of Yadavaran oil field by the end of the day. He said such cases prove the inefficiency and fruitlessness of sanctions against Tehran.