(MENAFN) Royal Dutch Shell is intending to repay a USD2 billion debt to the National Iranian Oil Company (NIOC) after sanctions on Iran are lifted, which started with British government reopening the country's embassy in Tehran.
The Anglo"Dutch multinational Oil and Gas Company met Iranian oil minister and Central bank governor to discuss the status of Iran for being an important potential business area for the company.
Western sanctions have cut Iran's oil exports by half to 1.1 million barrels per day from a pre-2012 level of 2.5 million bpd, and with the loss of oil income it was hard to pay for the equipment needed to keep its production working efficiently.
Iran owns 9.3 percent of the world's proven oil reserves, the fourth largest after Venezuela, Saudi Arabia and Canada, and 18.2 percent of the world's natural gas reserves, according to the BP Statistical Review of World Energy.
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