Iran is moving to develop the remaining phases of its biggest gasfield without western help.
Tehran signed a US$4.7 billion (Dh17.26bn) "co-operation contract" in Beijing yesterday for the development of phase 11 of the South Pars field in the Gulf with China National Petroleum Corporation (CNPC), replacing the French energy group Total, Iran's official IRNA news agency reported, quoting the head of the National Iranian Oil Company (NIOC).
IRNA said Seifollah Jashnsaz, the managing director of NIOC, had signed the deal after closing negotiations with CNPC in the Chinese capital. Total has a memorandum of understanding with NIOC for the project phase but had failed to reach an agreement on contract terms.
Two years ago, with US government pressure on European companies to cut trade ties with Iran, Total said it would delay plans to develop a liquefied natural gas (LNG) plant that would have been fed by gas from phase 11 of South Pars.
In March, Mr Jashnsaz said Total had wasted time on developing phase 11 gas production and that a new partner would enter the project with a "leading share".
Total declined yesterday to comment on the report of an Iranian deal with CNPC, but said it might later provide an update on the situation. A company official had previously said talks with Tehran were moving "very slowly" and a decision was still a long way off.
Tehran has viewed the enormous gasfield, with reserves estimated at about 500 trillion cubic feet (cu ft), as its key to establishing Iran as a major gas exporter.
But the government's plans to develop three LNG projects associated with South Pars have so far been blocked by UN sanctions against Iran over uranium enrichment, which Washington and some of its staunchest allies believe is linked to a covert nuclear weapons programme. Last week, NIOC awarded a $5bn contract to its Oil Industry and Engineering Company unit to develop phases 20 and 21 of South Pars. The move appeared to push the Anglo-Dutch energy group Royal Dutch Shell out of the picture as a potential developer for those phases.
Shell said last year it was interested in participating in phases 20 and 21 of the gas development, after backing away from a tentative agreement to work on phase 13.
In April, NIOC threatened to drop Shell and the Spanish company Repsol from its partner list for South Pars, and gave the companies 45 days to commit to developing phases 12 and 14 of the project, which were to include LNG facilities.
NIOC said it would develop the proposed Persian LNG plant with Chinese help, but analysts say China's national oil companies do not have the technical expertise to tackle such a project.
Instead, Iran may develop South Pars gas to satisfy rapidly expanding domestic demand, and for pipeline exports.
It has recently signed a deal with Pakistan to build a $7.5bn pipeline to supply its Asian neighbour with about 800 million cubic feet per day of gas, and is working on a second pipeline to deliver South Pars gas to Turkey. Iran's gas reserves, estimated at one trillion cu ft, are the world's second-biggest after Russia. But the NIOC has been slow to develop them. Its current gas exports, all to Turkey, barely offset gas imports into northern Iran from Turkmenistan.
Across the Gulf, Qatar has been rapidly developing its North Field offshore gas deposit which, together with South Pars, forms part of the world's biggest gasfield. Qatar is now the world's biggest LNG exporter.
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Meydan racecard:
6.30pm: Al Maktoum Challenge Round 2 (PA) Group 1 | US$75,000 (Dirt) | 2,200 metres
7.05pm: UAE 1000 Guineas (TB) Listed | $250,000 (D) | 1,600m
7.40pm: Meydan Classic Trial (TB) Conditions | $100,000 (Turf) | 1,400m
8.15pm: Al Shindagha Sprint (TB) Group 3 | $200,000 (D) | 1,200m
8.50pm: Handicap (TB) | $175,000 (D) | 1,600m
9.25pm: Handicap (TB) | $175,000 (T) | 2,000m
10pm: Handicap (TB) | $135,000 (T) | 1,600m
UAE currency: the story behind the money in your pockets
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight Championship AJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
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RESULT
Arsenal 1 Chelsea 2
Arsenal: Aubameyang (13')
Chelsea: Jorginho (83'), Abraham (87')
ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
