Iran Signs $2 Billion Gas Deal with France's Total

July 3, 2017

Author: 

Alanna Petroff

Publication: 

CNN

Related Country: 

  • China
  • France

Iran’s Petropars signed a $2 billion deal with French oil firm Total and Chinese state oil company CNPC to develop Iran’s South Pars gas field. The agreement marks the first major investment in Iran by a Western firm since sanctions were eased in early 2016. Total is taking a 50.1% stake in the project, while CNPC and Petropars will own 30% and 19.9% respectively. Iran’s energy ministry predicts the project will produce $54 billion worth of gas products beginning in 2021 based on current prices.