Written by Staff Writer
03 Jul, 2017 | 3:43 pm
Iran says French energy giant Total is to sign a contract worth close to $5bn (£3.8bn) to develop an offshore gas field in the Gulf.
It is the first major Western energy investment since sanctions against Tehran were lifted.
A spokesman for Total confirmed the company will sign the contract to produce gas for the Iranian market from 2021, adding that the 20-year deal with will be the first Iranian Petroleum Contract (IPC) signed in Iran.
Oil ministry officials said the deal to develop the South Pars gas field would be signed on Monday in Tehran, with Total getting a 50.1% stake.
China’s CNPC would hold a 30% stake and Iran’s Petropars 19.9%.
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