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
Saudi POS stays above $4bn as Ramadan spending lifts outlays on home goods
RIYADH: Saudi point-of-sale transactions remained above $4 billion in the week ending Feb. 14, with spending on furniture and home supplies rising ahead of Ramadan, central bank data showed.
Overall POS activity totaled SR15.34 billion ($4.09 billion), representing a 4.8 percent week-on-week decrease, while the number of transactions dipped 1.6 percent to 252 million, according to the Saudi Central Bank.
Spending on furniture and home supplies rose 5.9 percent to SR697.35 million, marking the strongest weekly increase among major retail categories.
Expenditure on electronics increased 2.9 percent, while spending on construction and building materials rose 1.1 percent.
Sectors that saw declines includes freight transport and courier services, which posted a drop of 5 percent to SR64.86 million.
Pharmacy and medical supplies spending fell 8.2 percent to SR223.81 million, but outlays on medical services rose 5.7 percent to SR539.68 million.
Food and beverage expenditure decreased 4.3 percent, but the total spend of SR2.57 billion meant it retained the largest share of POS activity.
Restaurants and cafes followed with SR1.73 billion, despite a 4.7 percent decline. Apparel and clothing outlays represented the third-largest share of POS spending during the monitored week, up 0.5 percent to SR1.38 billion.
The Kingdom’s major urban centers mirrored the mixed national changes. Riyadh, which accounted for the largest share of total POS spending, saw a 3.4 percent drop to SR5.32 billion. The number of transactions in the capital reached 80.7 million, down 0.8 percent week on week.
In Jeddah, transaction values decreased 4.4 percent to SR2.12 billion, while Dammam reported a 3.3 percent decrease to SR746.29 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
