Total signs deal with Iran

France

PARIS, January 29, 2016 – Total signed a memorandum of understanding with government-owned National Iranian Oil Company yesterday.

The deal was penned alongside the meeting of Iranian Presiden Hassan Rouhani and French President François Hollande in Élysée Palace. According to the agreement, National Iranian Oil Company will convey technical data on specific oil and gas projects. A framework agreement was also signed for the acquisition of crude oil for French and European refineries.

Total intends to sign a contract to purchase 150,000-200,000 barrels per day of Iranian crude oil, stated Total’s CEO Patrick Pouyanne.

The agreements follow the lifting of sanctions on Iran imposed in 2012. Earlier in the week, Italy’s Saipem signed several deals worth USD 18 billion in Rome, including the construction of 1,800 km of export pipeline. Greece’s Hellenia Petroleum has also agreed to purchase oil from Iran.

For more oil and gas news and features on France, click here.