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Total to Sign Milestone Iran Gas Deal Since Sanctions Eased

  • Total CEO to be in Tehran Monday for agreement: oil ministry
  • Deal is to develop Iran’s share of world’s biggest gas field

Iran plans Monday to sign a formal contract with Total SA and China National Petroleum Corp. to develop its share of the world’s biggest natural gas field -- the first investment in the country by an international energy company since sanctions were eased last year.

Total and CNPC signed a “heads of agreement” with National Iranian Oil Co. in November to develop phase 11 of the South Pars offshore gas field, a deal that was valued then at $4.8 billion. 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.

Patrick Pouyanne Photographer: Simon Dawson/Bloomberg

A Total official confirmed that a 20-year contract with very attractive terms will be signed Monday. CNPC officials in Beijing declined to comment. Under the preliminary November accord, Total will control 50.1 percent of the project, while CNPC will have a 30 percent...