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17

Total Faces Budget Problems on its LNG Project

Pars LNG would be fed by developing part of the giant South Pars gas field in a project, but construction costs have spiraled throughout the energy sector

The French oil company Total said Tuesday that it was facing budget problems on a major liquefied natural gas project in Iran and that it was reviewing plans with the Iranian government.

"We are reviewing the project with the Iranian government, and it could take some time," said Philippe Boisseau, president of gas and power at Total.

He declined to give an estimate on the latest cost of Pars LNG, which will be the Islamic Republic's first liquefied natural gas export terminal or say when Total might make an investment decision.

Pars LNG would be fed by developing part of the giant South Pars gas field in a project, but construction costs have spiraled throughout the energy sector. The terminal was due to start in 2009 but has been pushed back to at least 2011.