Shana � National Iranian Oil Company (NIOC) signed a $4.8 billion HOA deal with French Total, China National Petroleum Corp. and Iranian Petropars company on Wednesday for development of the phase 11 of South Pars joint gas field.

Minister of Petroleum Bijan Zanganeh was present in the signing ceremony.
Once the project is implemented, 56 million cubic meters will be added to Iran's capacity to extract gas from the field which is shared with Qatar.

Under the agreement, the contractor will finance the project, thus luring billions of dollars for the country.

Development of phase 11 of South Pars gas field within framework of the new model of oil contracts underlines high share of Iranian companies in various dimensions.