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Iran signs a major gas deal with France's Total
July 3, 2017 / 11:57 AM / 5 months ago

Iran signs a major gas deal with France's Total

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.

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. REUTERS/Stephane Mahe/File Photo

    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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