ISSN 2330-717X

Iran And United Kingdom Hold Oil Talks

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By Umid Niayesh

The British Foreign Secretary Philip Hammond, who is in Tehran for an official visit has met with Iranian oil minister Bijan Namdar Zanganeh to discuss investing in the Islamic Republic’s energy industry.

The two sides stressed their determination to expand economic cooperation, including crude oil sell, investments in Iran’s oil, gas and petrochemical projects and technology transfer as well as co-production of liquefied petroleum gas (LPG), Iran’s official IRIB news agency reported Aug. 23.

The Iranian oil minister also welcomed the restore of the normal economic ties between the two countries and explained the rules and opportunities for foreign investments in Iran’s oil and gas industry in post-sanctions period.

Representatives from some British companies including the deputy head of the Royal Dutch Shell also were present at the Hammond-Zanganeh meeting, the Iranian oil ministry’s official SHANA news agency reported.

The Iranian minister called the British companies to attend a conference in London in September which aims to introduce the new format of contracts for the development of the Islamic Republic’s lucrative oil and gas projects.

Hammond’s visit to Tehran is the first visit to the country by a British foreign secretary since 2003.

He reopened his country’s embassy in Tehran in a long-awaited step signaling better relations four years after a group of protesters stormed the embassy and pulled down the UK flag, forcing its closure.

Philip Hammond’s trip comes five weeks after the Islamic Republic and the P5+1(the US, UK, France, Germany, Russia, China) struck a deal to end a 13-year dispute over Tehran’s disputed nuclear program.

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