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Total will operate the SP11 project with a 50.1 percent interest. while Iranian Petropars company will have a share of 19.9 percent and the Chinese CNPC 30 percent.

The first preliminary agreement calls for constructing two polyethylene units plus an ethane cracker unit to convert ethane to ethylene.

Based on the agreement signed on Wednesday. Sofregaz will cooperate with Iran'.s Samin Sazeh over the project.

Exxon has been in talks with Russian gas giant Gazprom for years over gas sales from Sakhalin-1.

The country is a minor player in the global hydrocarbons industry. extracting the equivalent of about 815.000 tonnes of oil per year.

Gazprom'.s 2018 plan for gas production is expected to exceed 430 billion cubic meters. which were initially planned for 2017.

Recent exploration over the past two years has more than doubled the field’s estimated reserves to about 813 million boe.

The years 2020 to 2030 will be for hydrogen what the 1990s were for solar and wind.

BP is a global energy company with wide reach across the world’s energy system.

Lukoil and Indonesia’s Pertamina individually proposed plans to develop the Bangestan reservoir of the Mansouri oil field southeast of Ahwaz.