Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Iran to Sign Gas Deal

TEHRAN, Iran -- Iran is preparing to sign two contracts worth $6.8 billion to develop phases four to eight of its giant South Pars gas field, an official said Monday.

Deputy Oil Minister Mehdi Hosseini told state television that the first deal for phases four and five of South Pars was alone worth more than $4 billion.

Hosseini did not give the names of the companies that have won the awards, but he said earlier Iran had initialed a contract on the two phases with Italy's ENI and Iran's Petropars.

ENI will have a 60 percent stake and Petropars a 40 percent stake.

Hosseini said the second deal for phases six to eight had been awarded to an Iranian firm, which he said would subcontract the project to foreign firms.