News ID: 215574
Published: 1225 GMT May 23, 2018

Official: Iran considers working with medium-sized European oil firms

Official: Iran considers working with medium-sized European oil firms

An Iranian Oil Ministry official has brought up the possibility of working with medium-sized European companies as the fear of US penalties has discouraged major enterprises from doing business with Iran.

In a radio interview on Tuesday, Amir Hossein Zamani-Nia, deputy oil minister for international affairs and trading, said medium-sized European companies that are less engaged in trade with the US, will benefit from the European Union's political support if they choose to work with Iran, according to Tasnim News Agency.

Asked about a possibility that French oil company Total might back out of a deal on development of Iran's South Pars Gas Field in light of the US pullout from the 2015 Iran nuclear deal, the official said medium-sized European firms willing to work with Iran even outdo the giants in technological abilities in some cases.

He further noted that Iran's top priority is to sell oil products and receive the revenues without any trouble.

Zamani-Nia said the Oil Ministry stands with the Foreign Ministry during the negotiations with Europe about details of issues pertaining to oil tankers, shipping industry and export of petrochemical products.

Total announced earlier this month that it may pull out of South Pars deal following US President Donald Trump's move to pull his country out of the Joint Comprehensive Plan of Action (JCPOA) and re-impose sanctions against Tehran.

Total said it would not be making any further commitments towards the Iranian South Pars project for now, and added it was engaged with French and US authorities over the possibility of a waiver to the project.

The French company said it had so far spent less than €40 million ($47 million) on the South Pars project, and that pulling out of it would not impact the company's general production growth targets.


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