TEHRAN – Iranian Deputy Oil Minister in International Affairs and Trading Amir Hossein Zamaninia said the deal with Total based on the new oil contracts (known as IPC) will be probably finalized at most within a month, ISNA reported on Sunday.

As the official told ISNA, Total was waiting for feedback from the United States and apparently there has been some positive signs in that regard so Total will continue negotiations with Iran.

Asked about the exact time of the deal finalization, Zamaninia said it depends on the contract preparation and the two sides’ readiness, “It shouldn’t take long, at most a month I think,” he added.

Earlier in February, Iranian Oil Minister Bijan Namdar Zanganeh had said that the deal with Total will be at most within two months.

According to a Reuters report, Total plans to make a final investment decision on a $2 billion gas project in Iran by the summer, but the decision has been halted because “The decision hinges on the renewal of U.S. sanctions waivers,” according to Total’s Chief Executive Patrick Pouyanne.

Total was the first Western energy company to sign a major deal with Tehran since the lifting of international sanctions against Iran. Its project aims to develop phase 11 of South Pars, which is part of the world's largest gas field.

EF/MA