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Legal Matters

MP: Total pact to be reviewed in Iran Parliament

Tehran, July 17, IRNA Head of Energy Commission of Iranian Parliament (Majlis) Fereydoon Hassanvand said on Sunday that the Commission is expected to review the oil agreement between Iran's Petropars, France's Total and China National Petroleum Corporation.

Hassanvand said that Petroleum Minister Bijan Zangeneh has sent the deal for review to the Parliament's cnergy commission.

After review by legal, financial and technical experts, the commission will prepare a report on the deal which will be presented to the lawmakers to consider it in an open session for a final decision, he said.

Addressing Iranian Parliament on Wednesday, Zangeneh said, 'We have to start the job somewhere and attract foreign investment so that the country commences a period of economic momentum.

In response to somne criticisms expressed by some parties against the Total deal, Zangeneh said the contract has been approved by a seven-member committee.

The committee consists of four former ministers and experts, representatives of Presidential Office and the Supreme National Security Council.

National Iranian Oil Company (NIOC), Total, CNPC and Petropars on Monday, July 3, signed a 4.8-billion-dollar contract for development of South Pars Gas Field phase 11.

Total will operate the SP11 project with a 50.1 percent interest, while Iranian Petropars Company and the Chinese CNPC will have a share of 19.9 and 30 percents, respectively.

Source: Islamic Republic News Agency

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