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Contact person: Manager Zhang Hunan Weide Investment Promotion, Hunan Weide
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France's Total and China National Petroleum Corporation will sign the first large-scale natural gas field development agreement with Iran since the easing of international sanctions in March.
The Iranian Petroleum Ministry said at a media conference that it is expected to finalize a preliminary agreement involving the development of the South Pars gas field (h) today. It would be a breakthrough in Tehran's efforts to attract foreign investment back to the country, upgrade its outdated energy infrastructure and develop some of the world's largest oil and gas reserves.
For Total, which was forced to leave Iran six years ago due to tensions over projects in Tehran, the deal will open the way for a return to the country. The move underscores the French oil giant's aggressive search for sources of growth despite continued weakness in the oil market.
It is unclear how much of the $100 million investment comes from Total, nor how the agreement would be structured to allow Total to bypass U.S. investment restrictions still imposed on Iran.
But this may be a harbinger for more Western companies to return to Iran's energy industry, and it also represents a big step forward for Iran, an energy powerhouse, to increase its oil and gas production in the next few years.
Hunan Weide Trading Center’s national recruitment agent contact number
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Contact person: Manager Zhang
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