French company fined $10mln for failure in Iran
French company Sofregaz has been fined $10 million for failing to implement a gas project in Iran.
An international court in France has voted that Sofregaz should pay $10 million to Iran for failing to meet its contractual obligations in establishing a gas storage facility in the country, IRNA news agency reported.
Sofregaz had signed a contract to establish Yurtsha gas storage facility in Iran's central city of Varamin.
Iran is currently constructing nine gas storage facilities in different provinces across the country.
The construction operation of Iran's third gas storage facility is underway in central Kashan city. Once the facility comes on stream, the country's total storage capacity will be increased by 3 billion cubic meters, reaching 11 billion.