British Companies Have a Strong Desire to Collaborate with Iran

Philip Hammond, the British Foreign Secretary currently in Tehran, stated on Sunday, August 23, that his country seeks to collaborate with Iran's Central Bank to facilitate British investment and financial trade between British banks and Iran. According to Reuters, Mr. Hammond made this remark during a meeting with Valiollah Seif, the Governor of the Central Bank of Iran. The British Foreign Secretary added that 'our business and industrial institutions have a strong desire to engage in the opening that will take place in Iran, and our financial institutions also have a strong desire to support such activities, and of course, these matters must be conducted through the proper channels.' Philip Hammond is visiting Iran to reopen the British embassy in Tehran; this two-day trip comes five weeks after Iran and world powers reached a comprehensive agreement to resolve the dispute over Iran's nuclear program after 13 years of contention. On Sunday, during his meeting with the Governor of the Central Bank of Iran, Mr. Hammond referred to the reopening of his country's embassy in Tehran, saying, 'Whenever sanctions are lifted, through the efforts of this embassy, we will support British investment and trade, which will be fruitful for both Britain and the people of Iran.' He also emphasized that banks have been cautious about returning to Iran due to concerns over past U.S. penalties against them. Mr. Hammond continued by stating that 'in the coming months, we will work to ensure the success of the nuclear agreement, and this effort includes ensuring that the agreement is fully implemented by all parties.' The British Foreign Secretary also mentioned last autumn's meeting between Prime Minister David Cameron and Iranian President Hassan Rouhani, stating that 'we have witnessed a gradual and step-by-step improvement in bilateral relations.' According to the report, Valiollah Seif also mentioned in this meeting that the two countries have had 'positive relations' in the past and can shape future relations based on those experiences. Philip Hammond is expected to hold a joint press conference with Iranian Foreign Minister Mohammad Javad Zarif during his visit to Tehran. On Sunday, Philip Hammond also met with Bijan Zangeneh, Iran's Minister of Oil, regarding the oil interactions between the two countries. According to IRNA, representatives from British companies, including the Deputy CEO of Shell, were present at the meeting between Hammond and the Oil Minister. Shell had previously participated in the development of Iranian oil fields such as the Soroush and Nowruz oil field development projects before the increase in international sanctions. Shell has a €2.3 billion debt to Iran, which cannot be paid due to sanctions. Additionally, Iran has a partnership with Britain in a gas field located in the North Sea, from which Iran cannot benefit due to sanctions.