Total to invest $4.8B in Iran’s gas sector

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# 09:04
3 July 2017

French energy giant Total will finally sign its multibillion-dollar agreement to develop an Iranian offshore gas field on Monday, the oil ministry said, in the biggest foreign deal since sanctions were eased last year, the Economic Times reported.

 

“The international agreement for the development of phase 11 of South Pars will be signed on Mon-day in the presence of the oil ministry and managers of Total, the Chinese company CNPC and Iranian company Petropars,” a ministry spokesman told AFP.

 

Total signed a preliminary deal with Iran in November, taking a 50.1% stake in the $4.8 billion (4.2 billion euro) project. China National Petroleum Corporation (CNPC) will own 30% and Petropars 19.9%.Total will put in an initial $1 billion for the first stage of the 20-year project.

 

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THE OPERATION IS BEING PERFORMED