Phase 11 deal marks first big return for IOCs in Iran

By James Gavin 4 July 2017
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Zanganeh (left) shakes hands with Pouyanne before signing the Phase 11 deal. (PA) Zanganeh (left) shakes hands with Pouyanne before signing the Phase 11 deal. (PA)

The signing of the South Pars Phase 11 development contract represents a significant breakthrough in Tehran’s efforts to tap foreign expertise to develop its most difficult gas reserves. 

The deal – signed with France’s Total, China National Petroleum Corp. and local Iranian company Petropars – has faced persistent criticism and delays in Iran. However, FG Energy analyst Siamak Adibi described it as a “very important political achievement for the government”. The arrangement of an official meeting between Total Chief Executive Patrick Pouyanné and Iranian President Hassan Rouhani underscored the importance of the deal, he added. 

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