Signing of Memorandum of Understanding between National Petrochemical Company of Iran and Royal Dutch Shell

The oil company 'Royal Dutch Shell' announced that it has signed a contract with the National Petrochemical Company of Iran, paving the way for the company's return to Iran. A spokesperson for the Anglo-Dutch company said on Monday, October 9, to Agence France-Presse: 'We can confirm that we have expressed interest in further cooperation in various fields in a letter to the National Petrochemical Company of Iran.' The Shana news agency, the information network for oil and energy in Iran, reported on Sunday the signing of a preliminary memorandum of understanding between the Anglo-Dutch Shell and the National Petrochemical Company of Iran for cooperation. The news agency quoted Hans Nijkamp, head of Iran affairs at Shell, stating that the memorandum is the result of months of negotiations between the two companies and provides a framework for further discussions with the National Petrochemical Company of Iran. The Shana report also included statements from Mir-Hossein Zamani-Nia, the Deputy for International Affairs and Trade at the Ministry of Oil, who stated that 'the signing of this memorandum is a very important step for the commencement of Shell's activities in Iran's petrochemical industry.' Shell was one of the first European companies to begin purchasing oil from Iran following the lifting of nuclear sanctions. The company had been forced to halt its trade with Iran since 2010 and was $1.9 billion in debt to the country before the conclusion of nuclear negotiations with world powers, which has now allowed for the payment of Shell's debts to Iran following the lifting of sanctions.