MOSCOW (MRC) -- The Anglo-Dutch energy giant Shell plans to repay a major debt of USD3 billion to Iran in the near future, reported Iran English Radio.
According to reports, Mohammad Khazaei, Iran’s deputy finance minister and the president of the Organization for Investment Economic and Technical Assistance of Iran, has said that he has raised the issue of Shell’s debt to Iran in a meeting with officials from UK’s Treasury.
"Based on the remarks by officials from UK’s Treasury, Shell’s debts will be paid to Iran as soon as the sanctions against the country are lifted," Khazaei has been quoted as saying by the Persian-language newspaper Iran.
The company had announced earlier in August that it will repay a debt worth USD2 billion to the National Iranian Oil Company (NIOC) when sanctions against the country are lifted. It had also said that it will consider investing in the Iranian energy sector in a post-sanctions era.
Shell’s outstanding debt to Iran is a result of Iranian oil deliveries which it had been unable to reimburse as a result of the sanctions.
The company was involved in the development of Iran’s Soroush and Norouz oil fields in Persian Gulf waters. It was also planning to develop a gas liquefaction project called Persian LNG in Iran’s South Pars energy zone. However, it later cancelled its plans to that effect as a result of the sanctions.
As MRC reported earlier, at the moment, there are 67 developments projects in the country which are under construction, adding 61 million metric ton on total production and estimated to fully run till 2018. Iran advantage on having easy and fully access to raw materials for producing main olefins would enable this country to have competitive edge among other producers which will result on increasing export capacities in coming years.
In this regard, all Iranian Petrochemical Companies opt to expand their market.
Royal Dutch Shell plc is an Anglo-Dutch multinational oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the biggest company in the world in terms of revenue and one of the six oil and gas "supermajors". Shell is vertically integrated and is active in every area of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading.
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