About France's much hyped Total-Iran deal: Buyer beware

It was an adventurous, long, and arduous journey for Total CEO Patrick Pouyanné and Iranian oil minister Bijan Namdar Zanganeh to sign an agreement Monday on energy production of great importance to both sides.  For Iranian president Hassan Rouhani, who has just started his second term after the May 19 presidential election, the July 3 signing is the first foreign investment after the July 2015 nuclear agreement (aka the Joint Comprehensive Plan of Action). "We will never forget that Total was the precursor," Zanganeh said at the signing ceremony of the agreement, before adding, "We will not forget our friends during difficult days." "Today is a historic day for Total, the day we return to Iran," said Pouyanné, adding, "We are proud and honored to be the first international company to sign the Iran Petroleum Contract with Iran." Under the terms of the 20-year contract, the consortium will...(Read Full Post)