WORLD


Shell, Iran agree on future oil and gas development

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Baku, December 9, AZERTAC

Royal Dutch Shell signed a provisional agreement to develop Iranian oil and gas fields, an Iranian official said, the first deal by the world's second biggest listed oil firm in Iran since sanctions were lifted, according to Reuters.

The Anglo-Dutch company confirmed it had signed a memorandum of understanding with National Iranian Oil Company (NIOC) on Wednesday "to further explore areas of potential cooperation", declining to give further details.

Analysts said the agreement underscored major oil companies' willingness to keep doing business with Iran despite the risk that U.S. President-elect Donald Trump could scrap the nuclear deal that ended the sanctions earlier this year.

Earlier on Wednesday, an Iranian Oil Ministry official said Shell would sign three memoranda of understanding (MoUs) in Tehran to develop the South Azadegan, Yadavaran oil fields and the Kish gas field.

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