EghtesadOnline: A deal between Tehran and French energy company Total to develop Phase 11 of the South Pars Gas Field in the Persian Gulf has been approved by the top domestic body that oversees oil and gas contracts.
“Despite concerns about the gas deal with Total, all members of the Supreme Supervisory Board of Oil Resources endorsed the deal” on Monday, Mohammad Baqer Nobakht, government spokesperson and the head of Management and Planning Organization, said on Tuesday, Shana reported.
The board was established in 2011 by parliament to oversee Iran’s development plans in the petroleum industry. The body is made up of the attorney general, governor of the Central Bank of Iran, economy and oil ministers as well as the heads of Majlis Energy Commission and Management and Planning Organization.
Total sealed a milestone $4.8 billion deal this month to develop Phase 11, making it the first major western corporation to return to Iran’s energy market after last year’s sanctions removal, according to Financial Tribune.