French oil and gas major Total said it has signed a framework agreement to purchase crude oil from Iran during the Iranian President’s trade visit to Paris.
Total chairman Patrick Pouyanne met with Iranian President Hassan Rouhani, whose trade mission to Europe marks the first for an Iranian president in more than a decade.
‘The meeting was followed by the signature of a memorandum of understanding between Total and the National Iranian Oil Company (NIOC) as well as framework agreement for the purchase of crude oil, in particular for French and European refineries’, the French company said in a statement.
‘Following the MOU, NIOC will provide the technical data on some gas and oil projects, so that Total can assess potential developments in Iran’, it added.
Iranian economic doors to Europe have opened in the wake of the declaration that it had met the terms of a multilateral nuclear agreement brokered in July. Delegates from European energy majors were said to have been in Tehran earlier this month to review the potential for closer ties.
Iran’s president has worked to diversify a national economy burdened by lower crude oil pressures and sanctions still in place. In statements from Paris, Rouhani said there were few obstacles to establishing strong economic links with France.
“Energy, oil, gas, agriculture, modern technology, automobile industry, mining, telecommunications, modernisation of air fleet and railways, and tourism cooperation along with scientific, political, and regional collaboration are appropriate opportunities for joint ventures,” he said.
