VOL. XL

No. 42

20-October-1997

IRAN

NIOC Board Formally Approves South Pars Development Deal With France' s Total

In a meeting held on 7 October, the board of directors of the National Iranian OilCompany (NIOC) formally approved a Total-led deal covering the second and third phases ofthe South Pars gasfield development project. This means that the principal buy-backcontract signed between Total and NIOC on 28 September as well as the corollary farm-outaccord with Petronas of Malaysia and Russia'...