Signed on Wednesday, the deal was signed by Ali Mohammad Ahmadi, operator of South Pars Sustainable Development Project representing NIOC, Sofregaz Managing Director Yann Aubry Lecomte and Kourosh Ahanj, managing director of Sanat Sazeh Samin Co. in Tehran.

Curbing the flaring of half a million cubic meters of natural gas on a daily basis, reducing carbon emission in the region, gathering flare gas and injecting it into oil and gas fields for enhanced recovery and preservation of the environment are aimed by signing the contract.

The €42m deal comes following a July deal between NIOC and a consortium of Total and CNPCI for developing phase 11 of the supergiant South Pars Gas Field.