Iran signs US$4.8b gas deal with To­tal

Jamaica Gleaner - - BUSINESS -

IRAN ON Tues­day signed a pre­lim­i­nary US$4.8 bil­lion gas agree­ment with the French com­pany To­tal, the first such deal af­ter a nu­clear ac­cord with world pow­ers re­moved in­ter­na­tional sanc­tions that had squeezed its fos­sil fuel-based econ­omy.

The agree­ment, to be fi­nalised next year, is for new de­vel­op­ment at the vast South Pars gas­field, and aims to pro­duce 1.8 bil­lion cu­bic feet (56 mil­lion cu­bic me­tres) of gas per day for do­mes­tic con­sump­tion and ex­port.

To­tal would have a 50.1 per cent stake, the China Na­tional Petroleum Cor­po­ra­tion would have 30 per cent, and Petropars, a sub­sidiary of Iran’s na­tional oil com­pany, will have 19.9 per cent own­er­ship. The three-year

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