Total to sign $4.8-billion gas deal with Iran

IRAN-ENERGY-GAS-SOUTH PARS

"The global contract for development of Phase 11 of South Pars in the framework of IPC (Iranian Petroleum Contract) will be signed on Monday, July 3, at 14:30, at a ceremony in Tehran attended by Iranian Oil Minister Bijan Namdar Zanganeh and senior officials from France's Total, China's CNPC and Iran's Petropars", the unnamed official also told Reuters.

Total Chief Executive Patrick Pouyanne has previously said it was worth the company taking the billion dollar risk of future sanction restrictions being imposed "because [the deal] opens a huge market".

Marziyeh Shahdaei said Iran was in talks with Total, Germany's BASF and Britain's Shell on investment in the country's petrochemical industry.

Also shared with Qatar, South Pars is Iran's section of the world's biggest gas deposit. China National Petroleum Corporation (CNPC) will own 30% and Petropars 19.9%.Total will put in an initial $1 billion for the first stage of the 20-year project.

The phase, which was inaugurated in March 2015, is located in southeast part of South Pars gas field and covers a 206 square kilometers area.

The country's oil ministry announced the deal Sunday.

"IPC offers more attractive terms and conditions, including higher rewards for risky projects as well as 20-year terms of cooperation that can be extended", Qarekhani said, adding that the new contracts include extended contract duration of 20-25 years, allowing for much longer cost recovery after the first production.

Experts say Trump's hard line on Iran has caused worldwide majors, including Royal Dutch Shell and BP, to show limited interest in its energy market. The produced gas will be fed into Iran's gas network.

This would allow foreign companies a greater level of certainty and incentive.

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