Shell signs deal for Iran re­turn

The Myanmar Times - - International Business -

ROYAL Dutch Shell has signed an ini­tial deal with Iran’s Na­tional Petro­chem­i­cal Com­pany, paving the way for its re­turn to the Is­lamic repub­lic.

“We can con­firm that we have ex­pressed our in­ter­est to fur­ther ex­plore po­ten­tial ar­eas of co­op­er­a­tion with the Na­tional Petro­chem­i­cal Com­pany through a let­ter of in­tent,” a spokesper­son for the An­glo-Dutch en­ergy gi­ant said.

Hans Ni­jkamp, Shell’s vice pres­i­dent, at­tended the sign­ing cer­e­mony and told Shana that the com­pany was seek­ing “a long-term pres­ence in Iran”.

“We first need to see what are the ar­eas where we think we can work to­gether and then work out what com­mer­cial struc­tures we use, what tech­ni­cal so­lu­tions, and ul­ti­mately you will in­deed end up with a sort of a joint ven­ture agree­ment,” Mr Ni­jkamp said.

“But it is too early to put any time­line on that. We are very pleased that Iran is com­ing back to be a part of the global com­mu­nity. But it is still a frag­ile sit­u­a­tion,” he added.

Iran’s Deputy Oil Min­is­ter Amir Hos­sein Za­maninia de­scribed the ini­tial agree­ment as a “very sig­nif­i­cant step for the start of Shell’s in­volve­ment in Iran’s petro­chem­i­cal in­dus­try”.

Marzieh Shah­daei, the head of the NPC said the com­pany planned to in­crease petro­chem­i­cal out­put to 160 mil­lion tonnes from 60 mil­lion by 2025.

In­ter­na­tional busi­nesses have rushed to cash in on last year’s his­toric ac­cord with world pow­ers that saw sanc­tions lifted in ex­change for curbs to Iran’s nu­clear pro­gram. –

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