Total agrees an early downpayment for North Global’s rights

File published on
20.08.2011

As early as September 17th 2009, the managing director of Ziad Takieddine’s company North Global Oil & Gas demanded an initial 20% instalment payment for the rights acquired by Total and which North Global claims to hold. Patrick Pouyanné, head of Total’s Exploration & Production division, replied on September 30th that an MOU was not equivalent to a contract. But Total obligingly offered to make a down payment to North Global Oil of 7%, worth $9.8 million (6.9m euros), to be transferred in euros to Ziad Takieddine’s account.

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