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Total to invest $ 1 billion in large gas field in Iran

French oil company Total will sign an agreement to invest $ 1 billion in a huge Iranian gas field, the first major investment by a Western company in the Middle East. The country's oil sector after the lifting of sanctions.

Paris, July 3 (EFE) .- Total French oil company will sign an agreement today to invest one billion dollars in a huge Iranian gas field, the first major investment of one Western company in the country's oil sector after the lifting of sanctions.

Total will be the main operator, in association with China National Petroleum Corp and Iran Petropars Ltd, in the development of South Pars, a gas field under the Persian Gulf that is one of the largest in the world, reports EFE Dow Jones.

According to the Iranian Ministry of The French company has led the corporations' attempts to return to Iran, a country rich in oil, since it was announced in the first half of the year. Withdrew Western sanctions for the nuclear program, following the agreement reached in July 2015.

The signing of the contract will be the culmination of months of negotiations after Total signed a preliminary agreement of $ 4.8 billion for the development of the gas tank along with its partners at the end of last year.

Total CEO, Patrick Pouyanné, has indicated that the first billion dollars will go to finance the first phase of the project.

According to Total, the gas extracted from the field will supply the National market from 2021 onwards.

International oil companies have not rushed back to Iran following the lifting of many of Western sanctions on Tehran in 2015.

The energy sector remains under strong political influence in a country that needs international investment to develop its resources but also considers oil And gas a vital national asset that should not be surrendered to foreigners.

Total's Anglo-Dutch rival, Royal Dutch Shell, has also shown interest in returning to Iran. December signed a preliminary agreement for the exploration of future projects in the country, although it does not yet have any concrete commitments.

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