TEHRAN: French energy giant Total will finally sign its multibillion-dollar agreement to develop an Iranian offshore gas field on Monday, the Oil Ministry said, in the biggest foreign deal since sanctions were eased last year.
“The international agreement for the development of phase 11 of South Pars will be signed on Monday in the presence of the Oil Ministry and managers of Total, the Chinese company CNPC and Iranian company Petropars,” a ministry spokesman told AFP.
Total signed a preliminary deal with Iran in November, taking a 50.1 percent stake in the $4.8 billion project.
China National Petroleum Corporation (CNPC) will own 30 percent and Petropars 19.9 percent. Total will put in an initial $1 billion for the first stage of the 20-year project.The gas produced will “feed into the domestic Iranian market starting from 2021,” a Total spokesman told AFP in Paris. He said the company would “implement the project with the strictest respect for the national and international law.”
The contract was initially due to be signed in early 2017, but CEO Patrick Pouyanne said in February that Total would wait to see whether the US administration of President Donald Trump reimposed sanctions on Iran.
Trump threatened during his campaign to tear up the accord between Iran and six world powers that came into force in January 2016 and eased sanctions in exchange for curbs to Tehran’s nuclear program.
His administration has taken a tough line on Iran and imposed fresh sanctions related to its ballistic missile program and military activities in the region.
Total to sign Iran gas deal, biggest since sanctions lifted
Total to sign Iran gas deal, biggest since sanctions lifted
Sustainability Forum Middle East spotlights Saudi role in driving climate finance deployment
MANAMA: Saudi Arabia’s growing influence over sustainable finance and climate-aligned investment was a central theme at the Sustainability Forum Middle East, as regional banks, investors, and policymakers signaled a shift from climate pledges to market execution.
The fourth edition of the forum, held in Bahrain under the theme “Advancing Alignment, Innovation, and Implementation for Energy and Climate Transformation,” brought together more than 500 participants and over 50 speakers from government, finance, energy, and industry.
While the agenda covered climate diplomacy and national strategies, the dominant conversations this year centered on capital deployment, bankability, technology, and the commercial realities of the energy transition.
Saudi Arabia’s role in shaping that transition was repeatedly highlighted, particularly through its efforts to structure green finance instruments, integrate sustainability into Vision 2030 programs, and scale renewable energy ambitions. Global banks at the forum pointed to the kingdom as a key driver of demand for credible sustainable finance frameworks in the Gulf.
“Saudi Arabia has demonstrated clear leadership through Vision 2030 and its green financing frameworks,” Lina Osman, managing director and head of sustainable finance for the Middle East, Africa and Pakistan at Standard Chartered, told Arab News.
“The Public Investment Fund’s green bond issuance is a clear demonstration of the value of the opportunity that is available in Saudi Arabia and how Saudi Arabia is seizing that opportunity,” she added.
Osman also noted that Saudi Arabia’s target of sourcing 50 percent of its electricity from renewables represents a “true demonstration of leadership in sustainability,” adding that financing instruments will need to evolve to serve those ambitions.
She said the bank has been customizing sustainable finance structures for Gulf Cooperation Council clients as the market becomes more sophisticated and sector-specific.
Organizations at the forum said the region has moved beyond ESG signaling and into discussions about return profiles, risk pricing, and revenue impact.
“Financial institutions are now focused on how sustainability generates value — reducing costs, building resilience, and boosting revenue. Previously, it was mostly window dressing,” said Ian McCallum, chief sustainability officer at Bank ABC.
Speaking to Arab News, he added that Saudi Arabia is playing a “significant role in shaping the direction of sustainable finance by continuing to strengthen ESG regulatory and disclosure requirements.”
Speakers from private markets and venture capital also pointed to Saudi Arabia as an emerging market for climate technologies that are moving from pilot phase to commercialization.
Investors highlighted carbon removal, energy optimization, and AI-enabled climate solutions as areas where the Kingdom’s scaling capacity and demand for industrial decarbonization make deployment feasible.
Beyond finance, the forum examined how the GCC can accelerate industrial decarbonization through AI integration, carbon capture, supply chain reform, and the expansion of renewables.
Panels explored how sovereign strategies and industrial policy are aligning across the region, with Saudi Arabia’s energy transition goals seen as an anchor for cross-border capital flows.
The event saw memorandums of understanding and multi-sector partnerships intended to translate national ambitions into deployable projects.
Organizers said the agreements reflect a shift toward implementation, positioning the Gulf as a market where climate action is increasingly tied to competitiveness, industrial growth, and long-term economic resilience.
