TEHRAN, Oct 14 (Shana) — Head of the investment department at the National Petrochemical Company (NPC) Hossein Alimorad says the ground for Royal Dutch Shell’s direct investment in Iran’s energy and petrochemical projects is being paved and the company will soon invest in Iran.
Speaking to Shana, Hossein Alimorad said Shell had to withhold its activities in Iran because of the sanctions but has indicated willingness to return to the oil-rich country now that the US-led embargoes are being lifted thanks to the implementation of Tehran’s nuclear deal, dubbed as the Joint Comprehensive Plan of Action (JCPOA), with the P5+1 group of countries.
Last week, NPC and Shell inked a letter of intent to start discussions over renewal of petrochemical and energy-related activities in Iran.
“The LoI does not specify any activities so not to limit its range,” he added. Based on the document, the two sides will indicate their willingness to cooperate in any field they are interested in.
Prior to imposition of the sanctions, Shell operated in gas to liquids projects in Iran, he added, expressing hope that the unfinished projects will be considered in the new round of Shell activities and investment in Iran.