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LONDON (Reuters) - Iran signed a new contract to develop its giant South Pars gas field with France's Total (TOTF.PA) 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.
Reporting by Bozorgmehr Sharafedin and Rania El Gamal; Editing by David Goodman