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Page added on June 25, 2015

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Shell holds talks with Iran

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Royal Dutch Shell executives have recently met with officials in Iran as international oil companies begin to explore the potential of re-entering the country should Western sanctions be lifted.

A Shell spokesperson confirmed to The Telegraph that the talks had taken place in Tehran.

“They discussed Shell’s outstanding debt to NIOC (National Iranian Oil Company) for crude lifted but not paid for, and potential areas of business cooperation should sanctions be lifted,” said the spokesperson.

The meeting, which was first reported by the Financial Times, comes ahead of talks on June 30 with world powers that may lead to the lifting of economic sanctions which prevent international oil companies (IOCs) such as Shell from dealing with the country.

Iran is understood to be sweetening the terms of their contracts for IOCs to invest and develop the country’s oil fields. Despite concerns over the tough terms and the high level of political risk associated with the country, IOCs would be foolish to ignore the potential of one of the world’s last great conventional oil basins.

Shell chief executive Ben van Beurden

At its peak before the Islamic revolution in the 1970s, Iran was producing between 5m and 6m barrels of oil a day, and has the potential to return to that level if it can be relieved from sanctions.

Ahead of the meeting of the Organisation of the Petroleum Exporting Countries (Opec) in Vienna earlier this month, Shell chief executive Ben van Beurden said the company was discussing repayment of a $2bn debt to the Islamic republic.

The debt relates to oil shipments from Iran that Shell was unable to pay for due to sanctions.


5 Comments on "Shell holds talks with Iran"

  1. Speculawyer on Thu, 25th Jun 2015 6:50 pm 

    Well . . . Dick Cheney may finally get his wish . . . the ability to do business in Iran. Oh, he’ll certainly never thank Obama for the opportunity but as CEO of Halliburton, Dick Cheney lobbied the government hard for the right to have Halliburton work in Iran.

  2. Makati1 on Thu, 25th Jun 2015 8:17 pm 

    Corporate big business is salivating as The Big “O” pries open the doors to that resource market. Only to turn the KSA East…lol. Or so it seems to me, at this point.

  3. BobInget on Fri, 26th Jun 2015 9:11 am 

    Royal Dutch Shell plc (Shell) is an independent oil and gas company. The Company is engaged in the principal aspects of the oil and gas industry in more than 70 countries. The Company operates in three segments: Upstream, Downstream and Corporate. In Upstream, the Company focuses on exploration for new liquids and natural gas reserves and on developing new projects. In Downstream, the Company focuses on turning crude oil into a range of refined products, which are moved and marketed around the world for domestic, industrial and transport use. The Company’s Upstream Americas business manages Shell’s Upstream activities in North and South America. It also extracts bitumen from oil sands that is converted into synthetic crude oil. The Company’s Upstream International business manages Shell’s Upstream activities outside the Americas. The Company’s Downstream business manages Shell’s refining and marketing activities for oil products and chemicals.

  4. BobInget on Fri, 26th Jun 2015 1:42 pm 

    When we begin to understand how Exxon or Shell have larger bank balances then most nations, we better understand how these multi nationals have highly developed intelligence, security services rivaling major world powers.

    If Shell, for instance give a nod to Iran’s oil industry it worth something.

  5. BobInget on Fri, 26th Jun 2015 6:59 pm 

    WE gonna NEED dat Iranian crude sooner den we tink.

    As postulated dozens of times here,Russia, Iran, Iraq, Venezuela, Ecuador, possibly Nigeria
    will deal with ‘Boss US’ on their terms, not ours..

    Iran’s June Deadline will come and go as it has for ten years. Fiction we have all come to accept, there will be more talks ‘at a later date’.

    As Saudi Arabia implodes, Russia, Iran and Iraq become the world’s swing exporting producers.

    The US will run through our ‘glut’ in three weeks or fewer. There is no plan ‘B’, except SPR.

    If you open the link above you’ll see what a tight
    spot we find ourselves.

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