French Total signs gas deal with Iran

French multinational company Total signed an agreement with Iran for a multi-million dollar gas deal on 3 July, to become the first European company to sign an agreement with Iran after the lifting of sanctions in 2015.

The main goal is to invest in the offshore South Pars gas field, in cooperation with Chinese and Iranian companies in a proportion of 50.1% for Total, 30% for China's National Petroleum Company and 19.9% for Iranian Petropars. The distribution of gas supplies for domestic needs should start in 2021. European companies, given the continuing U.S. sanctions against Iran, are considering similar agreements since Iran has the second largest gas reserves and fourth largest oil supplies. French Total is essentially a pioneer, but at the same time has ensured that there is no contradiction with the U.S. sanctions targeting Iran. Sanctions have been imposed on Iran on the basis of Iranian support for Islamic extremism and a test of a ballistic missile capable of carrying nuclear weapons from the beginning of this year.

About author: Michaela Ceklová

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