“We will be raising our oil production at any cost and we have no other alternative,” said Oil Minister Bijan Namdar Zanganeh, reported Bloomberg.
“If Iran’s oil production hike is not done promptly, we will be losing our market share permanently”, he explained.
Zanganeh made these remarks during the visit of British foreign secretary Philip Hammond to reopen the U.K. embassy, the first visit of its kinds since 2003. Accompaning Hammond were officials from Shell and BP during.
Zanganeh added that Shell must pay a debt of $2.3 b owed to the country “immediately” once sanctions are lifted, said.
According to Press TV South Africa’s petrochemical giant Sasol intends to return to Iran as well, citing Abbas She’ri-Moqaddam, the managing director of the National Petrochemical Company of Iran (NPC).