Iran makes first international gas deal without sanctions
Monday, November 28, 2016
Iran made a deal with Total SA and China National Petroleum Corp. for a $4.8 billion natural gas development project. The joint venture marks Iran’s first since sanctions were lifted in January, according to Fuel Fix.
Total, based in Paris, will control 51.1 percent of the project, CNPC will have 30 percent and Iran’s Petropars will have the remainder.
The trio will develop the 11th phase of the offshore South Pars gas field as Iran seeks to revive its energy industry, which has been crippled by international sanctions.
The offshore South Pars gas field is Iran’s portion of the world’s biggest gas deposit, shared with Qatar.
Learn more: Fuel Fix > Total, China in first Iran gas deal since sanctions lifted
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