Iran would like to bring world oil giants back into the country

Iran would like to return big western oil companies into the country. The Iranian Ministry of Oil Industry has resumed talks with the companies to prepare them to lifting of the international sanctions in the future, writes Finance Times (FT).

Iranian Oil Minister Bidjan Namdar Zangane told FT that he has already had several private meetings with the European companies and US companies to invite them to come back to Iran as soon as it becomes possible.

Zangane has been occupying this position from1997 to 2005, then he stepped away from the government position for 8 years. His interview with FT has become the first contact with the foreign journalists since his coming back to the position. In the 1990s Minister managed to persuade Total, Royal Dutch Shell, Eni and Statoil as well as other big oil companies of Europe to work in Iran, despite the US sanctions. He said, now this group includes the companies, who would like to resume relationship with Iran.

Several oil groups are opened to Iran’s suggestions. When asked in October 2013 if his company will return to Iran when the sanctions are lifted, Total President Christophe de Marjory said: “Yes, of course.” Last month Arno Breyak head of Total Geological Exploration and Production Group on Near East, met with President of the Iranian oil state corporation Rohaddin Javadi to pave the ground for resumption of operations in the country as soon as the sanctions are lifted.

Another companies, including Shell, highly assess long-term perspectives of the Iranian oil industry.

The sanctions in the oil and financial fields have led to reduction of oil production in Iran and its export outside of the country.  Oil export dropped from over 2 million barrels a day in early 2012 to in average 1.1 million barrels a day from January to September 2013, reported the International Energy Agency (IEA).—0—