Total committed to Iran oil ties

TEHRAN, March 8 (Shana) – President Middle East and North Africa of Total Exploration and Production Stephane Michel said the French energy giant is committed to cooperation with Iran and is ready to lift the barriers on the way.

“France was the first country to sign a oil deal with Iran after removal of sanctions,” he told Shana following a meeting with Iranian Deputy Petroleum Minister for International Affairs and Commerce  Amir-Hossein Zamani-Nia here on Tuesday.

“There are massive capacities for bilateral cooperation and Total is ready to continue its negotiations with Iran based on the agreements reached between the two sides,” he added.

He said the snap back possibility of sanctions is an important issue which has become a source of concern for investors in Iran. “Therefore, the contracts have to be drafted in a way that in the snap back option will not raise the risk of companies.”

The Total official also referred to the plummeting oil prices and said it is a serious challenge for all oil companies so that they need to be watchful of the commitments which will be materialized.