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French Total and Chinese CNPC agree on gas field development with Iran

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French Total and Chinese CNPC agree on gas field development with Iran

Total, a French oil and gas company, and China National Petroleum Corp (CNPC), a Chinese state-owned oil company, intend to sign with Iran an agreement on gas field development, Financial Times reports.

The agreement will become the first major document signed after the sanctions against Iran had been lifted.

Preliminary agreement is expected to be signed on the 8th of November and will include development of South Pars gas field located in the Persian Gulf, states the newspaper citing Iranian Ministry of Oil. It’s noteworthy that this site is the world's largest gas field, shared between Iran and Qatar.

On the 16th of January, UN, the USA and EU lifted economic and financial restrictions regarding Iran, previously imposed due to the country’s nuclear program. In April, Total company confirmed its plans to “come back to Iran”.

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