French Total and Chinese CNPC to sign agreement on development of gas fields with Iran

Almaty. November 8. Silkroadnews – French oil company Total and the Chinese state oil company China National Petroleum Corp (CNPC) plan to sign with Iran major agreement on gas fields development the first after the sanctions removal, TASS reports.

“The preliminary agreement that includes the development of the South Pars field is expected to be signed on November 8. Through the deal with CNPC and Petropars Total will form a consortium for the development of South Pars field”, the publication says.

On January 16 the UN, US and EU removed the economic and financial restrictions earlier imposed on Iran in regard to the country’s nuclear program. Removal of sanctions became possible after the International Atomic Energy Agency confirmed fulfillment of obligations by Tehran according to the joint comprehensive action plan signed on July 14, 2015.

In April the head of Total Patrick Puyang confirmed the company’s plans to “go back to Iran”.