$10bn worth oil contracts to be signed by March 20

Tehran , Oct 9, IRNA – Deputy Minister of Petroleum for International and Commercial Affairs Amir-Hossein Zamaninia said on Sunday that 10 billion dollars worth contracts will be signed in the oil industry.

Zamaninia made the remarks on the sidelines of ceremony to ink early letter of agreement between National Petrochemical Company (NPC) and Royal Dutch Shell.

He said thaat inking of the Letter of Intent marks a very important step towards Shell activity in Iranian petrochemical industry, which is hoped will be operational soon.

He voiced optimism over implementation of the initial agreement and said he was confident the projects of the NPC will be operational even sooner than the oil and gas projects.

‘We want to sign contracts to the value of at least 10 billion dollars in the oil and gas industries this year.’

The NPC Managing Director Marziyeh Shahdaei and Shell Vice President in Iran Hans Nijkamp were the signatories to the contract.

By IRNA