Shell Eyes Potential Iran Deal

Shell Eyes Potential Iran Deal

The multinational oil and gas giant, Royal Dutch Shell plc is reportedly seeking to return to Iran once sanctions against the country over its nuclear program are lifted.

Iranian media reports said Wednesday that the Anglo–Dutch energy company was mulling over investment opportunities in Iran again.

Reports said Shell, headquartered in the Netherlands and incorporated in the UK, was already in debt to Iran to the tune of USD2.3 billion over its previous oil deals with Tehran and had fallen into arrears due to banking sanctions against the Islamic Republic.

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

However, following the recent talks between Iran and the permanent UN Security Council members plus Germany (P5+1 countries) in Switzerland over Tehran’s nuclear program, many foreign companies have shown enthusiasm to return to the Iranian market.

Last Thursday, Iran and the P5+1 states – the US, France, Britain, Russia and China plus Germany – issued a joint statement at the end of eight days of sensitive nuclear negotiations in the Swiss city of Lausanne.

The two sides will work to draw up a final accord by the end of the self-designated June 30 deadline.

According to the joint statement, 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.

Source: PressTV


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