Iran, Total $5 bln deal done by March 20 -Iran TV

Reuters: Iran will finalize a $5 billion deal with France's Total by March 20 to develop Phase Two of South Pars gas field, the head of the National Iranian Oil Company, Seyfollah Jashnsaz, was quoted as saying by state television.

TEHRAN, Feb 18 (Reuters) – Iran will finalize a $5 billion deal with France's Total by March 20 to develop Phase Two of South Pars gas field, the head of the National Iranian Oil Company, Seyfollah Jashnsaz, was quoted as saying by state television.

"We have been in talks with Total … the deal will be finalised by the end of (the current Iranian) year," said Jashnsaz. The Iranian year ends on March 20.

Yves-Louis Darricarrere, head of Total's exploration and production, said on Feb. 12 that the company was in negotiations with Iran on a major gas deal, but talks were moving very slowly.

Darricarrere also said the talks were not mature and that a decision to invest was still far off.

Total has a memorandum of understanding with state-owned National Iranian Oil Company to develop Phase II of the huge South Pars field but the project has been overshadowed by haggling over contract terms.