The contract will mark the culmination of months of talks after the French company late last year signed a preliminary $4.8B agreement to develop the field alongside partners China National Petroleum (NYSE:PTR), which owns 30%, and Iran's Petropars (19.9%). The deal is the Islamic republic's first with a European oil company in more than a decade, marking a major milestone for a country whose standing as an international trade partner has hung in the balance ever since it was slapped with sanctions in 2006 amid concerns that it was developing nuclear weapons. Total and the National Iranian Oil Company (NIOC) signed a deal to develop phase of 11 of South Pars, which is the world's largest gas field. TEHRAN: French energy giant Total will finally sign its multibillion-dollar agreement to develop an Iranian offshore gas field on Monday, the oil ministry said, in the biggest foreign deal since sanctions were eased last year.“The international agreement for the development of phase 11 of South Pars will be signed on Mon-day in the presence of the oil ministry and managers of Total, the Chinese company CNPC and Iranian company Petropars ,” a ministry spokesman told AFP.Total signed a preliminary deal with Iran in November, taking a 50.1% stake in the $4.8 billion (4.2 billion euro) project.
Total, CNPC and NIOC sign an investment of $5 billion in South Pars, the world largest gas field.