Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : LNG -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (42)	2/26/2004 9:00:01 AM
From: Dennis Roth	Read Replies (2) \| Respond to of 919

Iran's NIOC Inks $2B Pars LNG Deal With Total, Petronas tehrantimes.com TEHRAN (Dow Jones) -- Iran's National Iranian Oil Co. (NIOC) has signed a $2 billion deal with France's Total SA (TOT) and Malaysia's state oil giant Petroliam Nasional Bhd. (PET.YY), or Petronas, to form Pars LNG, a liquified natural gas joint-venture, state-owned radio reported Wednesday. Pars LNG, 50% owned by NIOC, will from 2009 produce 8 million metric tons a year of LNG for 25 years, the report said. Total will take a 30% stake in Pars LNG, with Petronas holding the remaining 20%. The report said Rokneddin Javadi, managing director of NIOC, was at the signing ceremony for Pars LNG, which will use natural gas from Phase 11 of the development of Iran's huge South Pars gas field. no financial details were disclosed Iran's tie-up with Total and Petronas follows Iran's signing last week for the $3 billion development of the massive Azadegan onshore oil field with a Japanese consortium in the face of disapproval from the U.S., which says Tehran is trying build nuclear weapons. That deal was signed under Iran's buyback system, which skirts the Iranian constitution's ban on foreign companies taking an equity stake in the country's energy sector. Like the Japanese deal, Total and Petronas will enjoy a timeframe far in excess of previous buyback deals - much criticized by foreign investors - that were generally limited to seven or eight years. BG Group (BRG), Royal Dutch/Shell (RD, SC) and Repsol YPF (REP) are reportedly in talks to develop other South Pars LNG projects.