International oil giant and Europe's largest refiner Total Fina Elf SA will hand over control of a $US2 billion US gas project to Iran in the next two weeks as scheduled.
Total and its partners in the South Pars gas project, OAO Gazprom of Russia and Malaysia's Petroliam Nasional Bhd, said the work to bring production at the offshore field to two billion cubic feet a day was completed last November.
Total said the partners will recoup their investment, plus a contracted profit over a seven-year period through the sale of gas condensate. Iran is developing the giant South Pars gas field to help satisfy its own needs for fuel for power stations.
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