Oil giants keen to return to Iran’s oil, gas sector

World oil giants are keen to return to Iran’s oil and gas sector, Amir Ali Handjani director of RAK Petroleum Company said on Sunday.Talking to IRNA, he noted that the final nuclear agreement between Tehran and G5+1 would lead to removal of sanctions and return of world oil giants to Iran.

Return of oil giants will increase foreign direct investment in Iran and will transfer technology to the country’s oil and gas sector, Handjani added.

He underlined that the presence of giant oil companies can boost Iran’s oil and gas sector’s infrastructure and increase the country’s oil and gas output.

Companies like Royal Dutch Shell and British Petroleum BP, Malaysia’s Petronas, Spain’s Repsol and several other big world oil and gas companies have a plan to return to Iran.

On January 29, Russia’s second largest oil producer, Lukoil, reiterated its willingness to return to Iran’s energy sector.

France’s Total and Italy’s Eni have also expressed their readiness to resume work in Iran.

On January 20, the Council of the European Union suspended part of the sanctions it had imposed against Iran following the nuclear deal between Tehran and the six powers – the United States, Britain, France, China, Russia and Germany – in Geneva, Switzerland, in November 2013.

The new measure incorporates the suspension of a 2012 ban on insuring and transporting Iran’s crude oil and the sanctions on trade in gold, precious metals and petrochemical products.