France’s energy giant Total is soliciting permission from US authorities to implement a slew of projects worth several billion dollars in Iran.
The biggest of all is Iran’s plan to develop phase 11 of the giant South Pars gas field with $4b of investment, in which Total seeks a 50% stake, Press TV reported.
As informed by Zawya, if approved, Total would operate the project with a 50.1% stake, China’s CNPC would own 30% through one of its subsidiaries and Iran’s Petropars would have 19.9%.
In 2016, the company inked a preliminary agreement with Iran, but it is looking to Washington for authorization to finalize it.
International firms have been cautious in their dealings with Iran despite the lifting of sanctions early 2016 because of fears of being blacklisted by the US.
Total became the first Western oil major to sign an energy agreement with Iran after the European Union and the United States undertook to lift sanctions on the Islamic Republic under a nuclear deal signed in July 2015.