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Iran MP Says Japan Oil Deal "To Be Cancelled"

2006-10-01

Agence France-Presse

www.gulfinthemedia.com/index.php? id=248249&news_type= Economy&lang=en

The head of the Iranian parliament's energy commission said Tehran would cancel a two-billion-dollar contract signed with Japan's Inpex to develop its largest onshore oil field after a string of delays.

"The contract with Japan to develop the Azadegan oil field will soon be cancelled," Kamal Daneshyar was quoted as saying by the official news agency IRNA.

"Japan must pay the penalty for five years of delay" in launching operations, he said, adding that the project would be handed to the National Iranian South Oil Company.

"Iranian experts are able to carry out the project with one third of the Japanese contract's value and in a much shorter period," Daneshyar said.

There was no official confirmation of his comments from the oil ministry which, if confirmed, would mark the end of a long-running saga of missed deadlines and mutual recriminations.

"Japan has had delays in the project. Iran will announce its decision in the next days," Oil Minister Kazem Vaziri Hamaneh told the Sarmayeh newspaper Saturday.

Iran and Inpex had set a final deadline on September 15 but failed to reach an agreement over profit-sharing, again stretching negotiations until the deadline of the end of this month.

The two sides have been at odds over development of Azadegan, which was meant to start operations by March 2005.

Japan, which is almost entirely dependent on Middle Eastern oil, has been under US pressure to give up the contract.

Iran, facing the threat of sanctions over its nuclear program, has warned Japan, a close US ally, not to give in to US pressure to scrap the two billion-dollar deal.

The Japanese news agency Jiji Press quoted US government sources as saying in a report from Washington that Japan, which imports about 15 percent of its oil from Iran, would reconsider the decision to finance the project.

"It will be a strong message to the international community about intolerance of Iran's nuclear arms development," Jiji quoted the sources as saying.

Iranian officials have insisted that they would not accept new terms to increase the cost of the project which has been held up by the process of clearing landmines left from the 1980-88 Iran-Iraq war.

The deal, signed in February 2004 targets production of 260,000 bpd of oil from Azadegan, the Islamic republic's largest onshore oil field with an estimated 26 billion barrels of oil in place.

Source: IMRA – Independent Media Review and Analysis

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