facebook
twitter
rss
account
search
search
 

Total takes hit on Iran investigation

July 27, 2012 at 8:21 AM   |   Comments

PARIS, July 27 (UPI) -- French supermajor Total said it set aside millions of dollars as a precaution against U.S. securities investigations into natural gas contracts with Iran.

Total announced Friday that it recorded a second quarter profit of $3.5 billion. It said that "in light of recent progress" in discussions with the U.S. Securities and Exchange Commission and the Department of Justice, it provisioned $385 million "to resolve issues arising from the investigation," however.

Total said that it was under investigation for its work in the Iranian natural gas sector in the 1990s.

China National Petroleum Corp. replaced Total at the South Pars natural gas complex in the Persian Gulf in 2009. Political and economic pressure on Iran has made some energy companies reluctant to move forward with major energy projects in the country. Tehran has said it was frustrated with CNPC's performance there.

The South Pars gas complex in the Persian Gulf forms one of the largest offshore natural gas fields. By Iran's estimate, its portion of the field, which it shares with Qatar, holds about 8 percent of the world's natural gas reserves.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
GM recalls 221,000 Cadillacs and Impalas GM recalls 221,000 Cadillacs and Impalas
2
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
3
First MT30 engine for Korean Navy frigates passes acceptance tests First MT30 engine for Korean Navy frigates passes acceptance tests
4
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
5
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
Trending News
Video
x
Feedback