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12/7/04

Total concludes LNG agreement with National Iranian Oil Company

Paris, Dec 7, IRNA -- The French oil giant Total announced on Tuesday it has concluded an agreement with the National Iranian Oil Company (NIOC), setting the framework of the future Pars Liquefied Natural Gas (LNG) project and its main commercial terms.

In particular, this agreement organizes the relationship between the Pars LNG, which is in charge of liquefaction activities, and block 11 of South Pars (SP11) attributed to Total (60 percent) and Petronas (40 percent) to supply the LNG plant, according to a news release issued by Total.

This agreement is pending approval by Iranian authorities, said the news release.

The Pars LNG joint venture is a partnership between NIOC (50 percent), Total (30 percent) and Petronas (20 percent). The project is designed for an initial capacity of two trains of five million tons of LNG per year, each, the news release added.

This agreement allows the start of engineering studies for both the LNG plant and the SP11 development. These studies will be performed during 2005 and should lead to the decision on launching the project at the end of 2005 or early 2006.

Total's expertise in the field of LNG coupled with those of Petronas and NIOC will contribute to building a successful international project for the growing worldwide gas market, said the news release.

Total is the fourth largest oil and gas company in the world with operations in more than 130 countries.

Total's activities cover the whole energy chain of the petroleum industry; exploration, oil and gas production, refining and marketing, trading and power generation.

The group is also a major player in chemicals. Total has more than 110,000 employees worldwide. More information can be found on the company's website: www.total.com

... Payvand News - 12/7/04 ... --



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