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 USD 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.
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