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EghtesadOnline: French energy giant Total and the Society of Iranian Petroleum Industries Equipment Manufacturers have come to an agreement to use domestically made equipment to develop South Pars Gas Field Phase 11, according to Reza Khayyamian, head of the society.

"Total officials have agreed to make maximum use of Iranian manufacturers' capacity to develop the giant project," Khayyamian said on Wednesday, Shana reported.

Total signed a preliminary agreement last year to develop Phase 11 of the giant South Pars field in tandem with China's CNPC and its Iranian partner Petropars. The agreement, worth $4.8 billion, is expected to be finalized soon.

"Total has provided us with a complete list of equipment for the project and whatever can be manufactured by domestic companies will not be imported," he said, adding that the French firm has also agreed to share technical know-how for manufacturing equipment that have not been indigenized in the country, Financial Tribune reported.

Pointing to the benefits of a long-term deal with Total, Khayyamian noted, "Elimination of  middlemen is one the significant achievements of joining hands with international energy majors as they normally use domestic producers to meet their demand and intermediaries are marginalized."

According to the official, if foreign companies join Iran's energy industry and sign deals, "100,000 jobs will be created."

Khayyamian pointed to plans to raise $200 billion in the petroleum sector in the sixth five-year national economic development plan that ends in 2022, and said the "domestic oil equipment manufacturing industry stands to gain if Tehran is able to sign contracts with international companies."

Total South Pars Gas Field Iran oil Iran-Total Iran oil equipments Reza Khayyamian Iran Oil Equipment Manufacturers