May 8, 2015, 7:52 PM
News Code: 81600441
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Shell eager to resume operations in Iran

Tehran, May 8, IRNA – The Royal Dutch Shell Company has voiced willingness to resume operations in Iran, a senior energy official announced on Friday.

'We have had some talks with Shell company officials on their return to Iran's oil products market,' Managing Director of Pars Oil Company Hassan Vafaei told reporters on the sidelines of the 20th International Oil Exhibition in Tehran on Friday.

He underlined that many foreign companies are waiting for the removal of the Western sanctions imposed against Tehran to return to the Iranian market, Fars news agency reported.

Before the tightening of sanctions against Iran a few years ago, Shell and Total were two of the most active companies doing business with Tehran.

In 1999, Shell defied a US sanctions threat to sign an estimated $800mln (£492mln) deal with Iran to develop two offshore oil fields in the Persian Gulf known as Soroosh and Nowrooz.

The project was completed in 2005. Until 2009, Total was involved in the drawn-out development of Iran’s vast South Pars natural gas field, also in the Persian Gulf’s waters.

Shell was reportedly blocked earlier this year from settling a $2.3bln debt with Iran through the supply of grain and medicine.