British-Dutch Shell and Spain's Repsol signed a deal with Iran in 2007 to develop the production and exports of liquefied natural gas (LNG) in phases 13 and 14 of South Pars. The region has the world's largest reservoir of gas, but the project has to be implemented yet. Many foreign countries are investing in the field which Iran shares with Qatar.
In April last year, Iran set a deadline for Shell and Repsol to make clear their involvement by May 20, however it hasn't been met until now. The West powers, above them the United States have pressured oil companies to withdraw from oil and gas projects in Iran, because defiant to their requests and intimidations, Tehran is pursuing its nuclear program.
Vakili says Iran is to finalize negotiations with Royal Dutch Shell, Europe's largest oil and gas company as well as Repsol, Spain's largest oil group. Tehran has done the same in the past but to no avail.
The managing director of Iran's Pars Oil and Gas Company also maintains the time has come for Turkey which planned to invest in developing phases 22, 23 and 24 of South Pars, as the Islamic Republic will not delay the development waiting for foreign companies.
Mr. Vakili, if Iran is not to tolerate the postponement and give more ultimatum to foreign companies, also intends to hand over the task to local experts, why phases 13 and 14 of South Pars are still in limbo?
Shell and Repsol have signed contracts with Iran, so the negotiations have been carried out. But the issue is to be resolved by the legal department of National Iranian Oil Refining and Distribution Company (NIORDC) and if the companies do not tend to develop the project, Iranians will carry it out themselves.
Does the contract include a damage cost for the delay or withdrawal of one of the parties? Are Shell and Repsol are to pay Iran for their constant holdups?
No. they won't because the deal does not contain such an issue. If they pull out of the project the Iranians will simply be assigned to accomplish the job and none of the companies will be the subject to pay Iran.
As our oil officials announced, one of the reasons behind the delay in producing more in various phases of South Pars is a the shortage of financial sources which has hindered the plan and helped Qatar to supersede Iran in gas production. What's your initiative for resolving the problem?
New initiatives are being taken to remove the obstacle entirely. Backed by President Ahmadinejad, the Oil Minister Mr. Mir Kazemi has directed the financial sources of Central Bank of Iran (CBI) and other banks to special funds established for the development of oil and gas industry projects particularly in South Pars. It is planned to issue bonds worth 3 billion euros and rial-denominated bonds worth around $3 billion to help finance development at the region.
As the sanctions imposed by the West have caused foreign companies to treat Iran with caution, do you believe that we have the required technology and potential to fulfill the task in the country?
Fortunately we have access to the required technology. Pars Oil and Gas Company is cooperating with Oil Industry Research Center and related universities. We certainly won't face a problem to develop the project. Even sanction put on a drilling equipment which caused a delay on carrying on the project in phases 9 and 10 of South Pars could not halt the work. Actually after a holdup, our specialists and managers could resolve the problem.
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