BREAKING NEWS

French oil giant Total has signed a contract worth a reported four billion euros to develop the South Pars offshore gas field.

The deal with Iran marks the first major Western energy investment since sanctions against the country were lifted.

Shared between Iran and Qatar, the development is expected to supply the Iranian domestic gas market from 2021.

Total was one of the biggest investors in the Islamic Republic before international sanctions were imposed amid suspicions it was trying to develop a nuclear arsenal.