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Iran signs a major gas deal with France's Total

Published 03/07/2017, 12:58
Updated 03/07/2017, 13:00
© Reuters. FILE PHOTO: The logo of French oil giant Total is seen in front of the oil refinery of Donges
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LONDON (Reuters) - Iran signed a new contract to develop its giant South Pars gas field with France's Total (PA:TOTF) and China National Petroleum Corporation (CNPC) on Monday, state media reported.

The first major Western energy investment since sanctions against Tehran were lifted will cost up to $5 billion (3.85 billion pounds), with production expected to start within 40 months, an oil ministry source said.

Total holds a 50.1 interest in the South Pars project with CNPC owning 30 percent and Iran's Petropars 19.9 percent.

© Reuters. FILE PHOTO: The logo of French oil giant Total is seen in front of the oil refinery of Donges

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