Young Journalists Club | Latest news of Iran and world

News ID: 5637
Publish Date: 13:26 - 02 December 2014
Tehran, YJC. Although sanctions have remained pretty much the same, a new round of talks has begun between Iran and global oil giants in London.
Iran's oil minister has said that foreign companies are ready to get back to the Iranian oil market.

Iran has a 5-year program to increase the production of its oil and gas condensates to 5.7 million barrels a day and the production of natural gas to 1 billion m3.

As oil prices have dropped and the Iranian National Oil Company’s revenue has decreased, it is seeking foreign resources to fund the 40-billion-dollar project.

On the other hand, Iran and its 6 nuclear negotiators did not reach an agreement last week.

But giant oil companies around the world have started talks with Iran to return to the country’s oil market.

Iran's Oil Minister Bijan Zanganeh held meetings with officials of Shell, British Petroleum, and Total, all of which, along with some other companies, have announced ready to make new deals with Iran.

Also, the CEO of the Russian LUkoil, which drew out of Iran 5 years ago has stated ready to restart works it was carrying out on the shared oil field Azar.

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