Gulf Oil and Gas accountACCOUNT

New Iran Business Talks Confidential

Source: 10/4/2015, Location: Asia

British oil major BP says it is holding talks about returning to Iran for possible investment of billions of dollars in the country where it was founded more than a century ago.

Executives of the company visited Tehran last month — not with a business group travelling with British Foreign Secretary Philipp Hammond but separately — and met with Iranian oil industry officials, a BP spokesman confirmed.

“The details of those discussions are confidential. We have said for some time that we would be interested in reviewing opportunities in Iran once sanctions permit it,” the unnamed official, quoted by The Times, said.

BP sent technical and commercial managers on a fact-finding mission to the country last month, British media reports said.

Chief Executive Officer Bob Dudley has said the company would be “very much” interested in investing in Iran when sanctions are lifted.

BP traded crude and products with Iran before ceasing it in 2011 under intensified Western sanctions.

It owes Iran a debt from the sale of gas produced at North Sea’s Rhum field in which the National Iranian Oil Company (NIOC) has a 50% stake. Iran’s revenues from the field are frozen in an account in London under the sanctions regime.

Another British company, Royal Dutch Shell, has an outstanding debt of $2.3 billion to Iran for the crude oil it has bought from the NIOC.

On Friday, head of Iran’s filling stations union Bijan Haj Mohammadreza said Shell and France’s Total had received green light to set up 200 gas stations in the country, marking foreign foray into the Iranian energy retail market for the first time.

BP started life as the Anglo-Persian Oil Company in 1908 when the Middle East’s first oil was struck in Iran’s Masjed Soleyman.

The company went on to grow and become sturdy as it basked in the luxury of exceptional privileges which were profusely accorded to the colonial UK and its entities.

Three decades later, when it had expanded beyond the Middle East to Alaska, BP parted ways with Iran and became British Petroleum.

Investment News in Iran >>

Nigeria >>  2/26/2021 - Seplat notes some media coverage alleging improper conduct by the Company. Whilst it is Seplat's policy not to comment on press articles, on this occa...
United Kingdom >>  2/24/2021 - Reabold, the investor in upstream oil and gas projects, is pleased to announce that, further to the announcement on 22 February 2021 , the Company has...

Nigeria >>  2/22/2021 - San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the announcement on the funding arrang...
United Arab Emirates >>  2/22/2021 - The Abu Dhabi National Oil Company (ADNOC) has announced, its Thamama Center of Excellence (Thamama) has generated $1.1 billion (AED 4.04 billion) in ...

United Kingdom >>  2/22/2021 - Integrated subsea technology and services provider Ashtead Technology has invested £1million to develop a new R&D and engineering facility in Aberdeen...
Nigeria >>  2/21/2021 - The Department of Petroleum Resources (DPR) has called on businessmen to invest in the oil and gas industry instead of indulging in illegal refineries...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Iran Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.