Iran to sign $6 billion gas-field deal with Total, CNPC

Iran to sign $6 billion gas-field deal with Total, CNPC

Iran plans to sign a preliminary $6 billion deal with France's Total and China's CNPC on Tuesday to help develop an offshore gas field, an oil-ministry official in Tehran said, Wall Street Journal reports.

Total, China National Petroleum Corp. and Iran’s state-owned Petropars will develop part of a giant gas field in the Persian Gulf known as South Pars, a press official at Iran’s oil ministry said. It wasn’t clear how much of the $6 billion investment would come from Total, or how the deal would be structured for Total to steer clear of American sanctions still in effect.

The deal is a draft that still must be completed over the next six months, the official said, but it gives Total and CNPC a head start over competitors.

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