National Iranian Oil Company (NIOC) and France's Total Oil and Gas Company will, in the coming days, finalize an agreement to cooperate in the development of South Pars Gas Field, announced a senior energy official.
"NIOC Managing Director Ali Kardor as saying, "Final agreement will be signed between NIOC and Total to develop the Phase 11 of the South Pars gas field in upcoming days.
He reiterated that Total was among the first companies which entered Iran's market after the lifting of sanctions and it means that the company is determined to boost cooperation with Iran.
Total signed a preliminary agreement with Iran last year to develop Phase 11 of the giant South Pars Gas Field. The French major company would lead a consortium which also includes China's CNPC and Iran's Petropars in the project.
Total CEO Patrick Pouyanné told reporters in February that his company's final investment decision on Phase 11 would depend on whether US President Donald Trump waives executive orders against investments in the Iranian energy sector.
Pouyanné declared that his company is trying to develop its own mechanism for transactions with Iran.
"Total is trying to develop its own channels to carry out banking affairs concerning Iran without falling afoul of US primary sanctions that still restrict doing financial activities with Tehran," Pouyanné said.
He reiterated that his company was trying to find European lenders willing to be a day-to-day banker in Iran to press ahead with its investment plans in Iran.
"We have identified some, I would say, medium-sized banks that are ready to work with Iran," Pouyanné added.
