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Shell eyeing to return to Iran after sanctions

09 April 2015 [16:15] - TODAY.AZ

/By AzerNews/

By Sara Rajabova

Following a framework agreement between world powers and Iran, the multinational oil and gas giant, Royal Dutch Shell plc is reportedly seeking to return to Iran.

Iranian media reported that the Anglo–Dutch energy company was once again mulling over investment opportunities in Iran provisioning sanctions against the country over its nuclear program will be lifted.

This came as, Iran and the P5+1 states – the U.S., France, Britain, Russia and China plus Germany – reached a framework agreement on April 2 at the end of eight days of sensitive nuclear negotiations in the Swiss city of Lausanne. The sides are looking forward to work together to draw up a final accord by the end of the self-designated June 30 deadline.

Reports also said Shell was already in debt to Iran to the tune of $2.3 billion over its previous oil deals with Tehran and had fallen into arrears due to banking sanctions against Tehran.

Shell plc and Total along with Statoil and Repsol reportedly left the country in 2010 over sanctions.

Along with Shell, the other energy companies are also waiting for all sanctions to be lifted to return to energy-rich Iran.

Iran’s Petroleum Minister, Bijan Namdar Zanganeh said on April 3 he hoped that what Iran and P5+1 had agreed on in Lausanne would become operational in the near future.

“I hope what has been agreed on in Lausanne talks become operational as soon as possible,” he said.

The oil companies were reported to have been in talks with Iran to return to the country. Zanganeh has met executives from BP, Shell, Total and Lukoil of Russia before a meeting of the Organization of Petroleum Exporting Countries last November.

Sanctions have cut Iran's oil exports to about 1.1 million barrels per day from 2.5 million bpd in 2012. The OPEC nation is keeping about 30 million barrels of crude on a fleet of tankers ready to be shipped when allowed, into a market already flooded with supply, according to Reuters.

Under a joint statement reached by Iran and world powers, the two sides have reached a mechanism to lift anti-Iran sanctions after the agreement, known as the Joint Comprehensive Plan of Action (JCPOA), is reached by the end of June.

URL: http://www.today.az/news/regions/139741.html

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