(P)GCC will benefit from Iran sanctions relief

The chief executive officer of the French multinational integrated oil and gas company Total S.A. says the removal of US-engineered sanctions against Iran’s energy sector will be to the benefit of its neighboring countries, including the (Persian) Gulf Cooperation Council ((P)GCC) member states.

Speaking at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) on Sunday, Christophe de Margerie said it was important to understand the advantages of sanctions against Iran being removed, the Gulf News newspaper reported.

The (P)GCC consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

Meanwhile, Russia’s Ambassador to Tehran Levan Dzhagaryan says Russian oil and gas companies are willing to invest in Iran’s energy sector in case the sanctions against the Islamic Republic are lifted.

“We hold a positive view about the presence of Russian oil companies in Iran’s energy sector,” Dzhagaryan said on Sunday.

He added, “Moscow is opposed to [the] unilateral sanctions [imposed] against Iran because we are suffering from these sanctions.”

The Russian ambassador further noted that his country is working toward closer cooperation with Iran in different areas, particularly in the fields of oil, gas and energy.

Sanctions on Iran’s energy sector were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegations, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.

In addition, the IAEA has conducted numerous inspections of Iran’s nuclear facilities but has never found any evidence showing that Iran’s civilian nuclear program has been diverted to nuclear weapons production.