Toral to finalize South Pars deal by summer

The US relief of sanctions has paved the way for signing of the finalized contract with Iran, added Patrick Pouyanne.

Total had declared that the final decision on agreement with Iran depends on the extension of Iran’s sanctions relief by the US government.

Pouyanne also confirmed that he had talked with Iran’s Minister of Petroleum Bijan Zangeneh on the sidelines of the 172th session of Organization of Petroleum Exporting Countries (OPEC) held on Thursday.

The National Iranian Oil Company (NIOC) signed the new model agreement-in-principle for South Pars oil field 11 with a consortium composed of France’s Total, China National Petroleum Corporation (CNPC) and Iran’s Petropars last November .

After implementation, the 4.8 billion contract will add 56 million cubic feet of gas to the country’s production capacity per day in the world biggest gas field that Iran shares it with Qatar in the Persian Gulf.

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