Deputy Minister: Iran Negotiating with Giant Oil Firms to Pay Back Debts

Iran Negotiating with Giant Oil Firms to Pay Back Debts


Iranian Deputy Oil Minister for International and Commercial Affairs Ali Majedi announced on Saturday that his ministry is holding negotiations with Europe’s giant oil firms over the payback of their debts to Iran.

Speaking to FNA, Majedi pointed to a recent agreement between Iran and the Group 5+1 (the five permanent UN Security members plus Germany), and said, “We are negotiating with Shell and some other European companies and countries on the settlement of their overdue crude payments to Iran, which will soon bear results and this problem will be resolved.”

Earlier this week, Iran’s Deputy Oil Minister Kazzem Vaziri-Hamaneh underlined that the removal of the western sanctions against Tehran after the Geneva nuclear agreement will pave the way for the return of giant oil firms to Iran.

“Giant international firms are perceived to return to Iran’s oil and gas industries upon the complete removal of sanctions,” Vaziri-Hamaneh told reporters in Tehran on Wednesday.

“Certainly, the annulment of sanctions will facilitate and accelerate exports operations and supply of Iranian oil to the global market,” he added.

Vaziri-Hamaneh said from now on (after the removal of sanctions) Iran’s crude customers can buy and carry crude cargos from the country under their insurance of choice and by their own tankers.

Last week, Iran and the Group 5+1 (the five permanent UN Security Council members plus Germany) reached a final deal after days of difficult and intensive negotiations and a decade-long nuclear standoff.

The deal includes removal of a part of the US-led West’s sanctions Iran’s crude supplies, petrochemical exports and part of the banking operations, including the pay-back of Iran’s crude export revenues.

According to the deal, no further sanctions will be imposed against Iran. Iran’s crude sales will be maintained at the current level and Iran’s oil revenues will also be released.

Sanctions on Iran’s petrochemical sector will be completely removed and the sanctions on the country’s auto industry will also be lifted.

Sanctions on imports and exports of gold and precious metals, as well as the ban on the insurance of transportation and shipping services will be fully lifted as well.

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