July 3, 2017 / 11:57 AM / 2 months ago

Iran signs a major gas deal with France's Total

FILE PHOTO: The logo of French oil giant Total is seen in front of the oil refinery of Donges, near Nantes, France, December 20, 2013.Stephane Mahe/File Photo

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

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