Total to sign $4.8-billion gas deal with Iran

Iran Total to Finalize South Pars Gas Deal on Monday

Total chief executive officer Patrick Pouyanne will be in Tehran for the signing of the formal agreement, Parastoo Younchi, the Iranian oil ministry official in charge of foreign media relations, said Sunday.

Persian Gulf in South Pars Area. It is now entering Phase 11 of development.

"The worldwide 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 agreement, worth $4.8 billion late a year ago, to develop Phase 11 of the mega gas project in collaboration with China National Petroleum Corp and state-owned Petropars Company of Iran.

The offshore South Pars gas field, which is shared by Iran and Qatar, was first developed in the early 1990s.

The lawmaker underlined the gas deal as a "major achievement" at a time when the hostile policies of US President Donald Trump against Iran are aimed, among other things, at marginalizing the country in the global energy market.

A Total official confirmed that a 20-year contract with very attractive terms will be signed Monday. The producer is wooing companies such as Total, Royal Dutch Shell PLC and Russia's Lukoil PJSC to invest in its oil and gas fields to boost output.

The French energy firm had planned to sign the contract past year, but waited to see if the United States, under the Trump administration, would re-impose sanctions on Iran.

Total, in November, put the cost of the first part of the South Pars project at $2-billion, with Total's share at $1-billion.

"We will go ahead with development of a giant Iranian gas field this summer", Pouyanne added.

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