Shell signs deal for Iran return
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. –