Oil giants to come back to Iran

TEHRAN. KAZINFORM - President of Middle-East & North-Africa Total Exploration & Production, Stephane Michel, said on Saturday that oil giants are in competition to come back to Iranian market.

The Persian daily, Iran, quotes Michel as saying that in the wake of lifting the sanctions and implementation of the Joint Plan of Action (JCPOA), Iran's international relations have undergone major change, IRNA reports.

The ice of economic and commercial relations between Iran and other countries in the years of sanctions are getting melted.

He said that the oil industry, standing as the most important source of income for Iran, was one of the Iranian economic sector which suffered from the sanctions.

Under sanctons, oil production fell down due to restrictions on oil exports due to lack of proper and timely investment to the extent that export of gas lowered to less than one million bpd from more than 2.2 million bpd.

However, good predictions were envisaged for the propspects of Iranian oil economy were made in 2014.

In addition to reforms in government's macro policies, which led to considerable growth in oil production even before lifting the sanctions, new atmosphere was created for return of investors and oil giants to Iran.

From the early days of the the nuclear deal, directors of the the international companies active in oil industry visited Tehran along with their respective country's economic delegations and voiced interest in resumption of the ties cut-off for years.

Officials of the most reputable European oil companies held talks with Iranian officials.

Total SA of France, the world's fourth major oil company that signed four contracts with Iran in the years prior to sanctions, is willing to come back to Iran.

The subject of the first contract is purchase of 160,000 bpd oil from Iran by Total, indicating the company's interest.

In the post-sanctions era, Total team of experts and senior officials visited Iran four times following up issues of mutual interest.

This time reporters went to the 46-storey building of Total in Paris to hold talks with the senior officials.

Michel took part in the Q&A session with reporter of the Persian daily of Iran.

During the interview, the senior director of Total said that the French company is highly willing to return to Iranian oil industry.

He said that all the world oil giants have got prepared for entering Iranian oil industry and are competing with each other.

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