Iran to Sign $6 Billion Gas-Field Deal With Total, CNPC

Under the deal, Total, China National Petroleum Corp. and Iran's state-owned Petropars would develop part of a giant gas field in the Persian Gulf known as South Pars, a press official at Iran's oil ministry said.

It wasn't clear how much of the $6 billion investment would come from Total, or how the deal would be structured for Total to steer clear of U.S. restrictions still in effect.

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The deal is a draft that still must be completed over the next six months, the Iranian oil-ministry official said, but it gives Total and CNPC a head start over competitors. Total and CNPC both signed deals years ago to develop the South Pars project before sanctions forced them to pull out in 2009 and 2012, respectively.