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IranMania.com: Shell,Total receiving higher return on SP 11-13

Monday, March 06, 2006

LONDON, March 6 (IranMania) – Shell and Total are receiving higher rate of capital return on LNG deal from SP phases 11 and 13 nowadays, thanks to steep growth of oil and gas prices worldwide.

Nevertheless, the initial contract signed with National Iranian Oil Company (NIOC) had stipulated revaluation of the project in accordance with certain economic assessments and had left the room open for revision if profitable to all sides, deputy oil minister in International Affairs Seyyed Mohammad Hadi Nejad-Hosseinian told the Persian service of ISNA.
?The probable offshoots of the bid and having a say in final decision making were referred to the Economic Council back then, and a clause stipulated earlier in the contract by SP allowed the NIOC?s board of directors to whether offer its final nod,? he elaborated.
The return of profit will be calculated on current prices and the three sides are very likely going to put the seal of approval on it, he said in conclusion.

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