This article is from the source 'rtcom' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.rt.com/news/394968-iran-gas-deal-total/

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Total set to sign $4.8bn gas deal with Iran - reports Total set to sign $4.8bn gas deal with Iran - reports
(35 minutes later)
French oil and gas company Total S.A. is signing a deal with Iran worth $4.8 billion, reports AFP, citing the Iranian oil ministry. French oil and gas company Total S.A. has agreed a $4.8 billion deal with Iran to develop one of the world’s largest largest natural gas fields, reports AFP.
The country’s oil ministry announced the deal Sunday.
MORE TO FOLLOW READ MORE: Iran to finalize gas development deal with Total
It is Iran’s first investment by an international energy company since sanctions were eased last year after reaching an international agreement to slow the development of its nuclear program, reports Bloomberg.
The contract is to develop part of the South Pars gas field in the Persian Gulf.
Iran’s Petroleum Minister Bijan Zanganeh said last month that the deal was in its final stage and would be signed within the coming weeks, Press TV reported.
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”.
READ MORE: ‘Scorpion & frog’: Haley uses fable to blast Iran as UN & EU say Tehran complies with nuclear deal
Washington has warned that it would cancel the sanctions waivers if Tehran didn’t amend its nuclear program to the limits set out in the international deal.
“We are perfectly conscious of some risks,” Pouyanne told Reuters.
“We have taken into account [sanction] snap-backs, we have to take into account regulation changes," he added. "We have to live with some uncertainty."
Total is heading an international consortium with Chinese company CNPCI to develop the gas field. The deal will be signed Monday, a ministry spokesperson told AFP.