TEHRAN, May 23 (Shana) -- The Iranian energy company Petropars Ltd. is holding negotiations with Oil and gas major Royal Dutch Shell on carrying out feasibility studies for investment in oil and gas projects, managing director of Petropars said.

Managing Director of Petropars Company Mohammad Javad Shams said to Shana on Monday.

Referring to negotiations between Iranian companies and their foreign partners based on new models of oil contracts, he said that Petropars has already talked with several foreign companies including Shell and also an Italian and German company.

We have already signed a cooperation document with a German company and negotiation with another foreign company for development of West Karoun oil field is underway, the official noted.

Established in 1998, Petropars was founded to contribute toward the development of Iran’s vast energy resources. It specializes as a developer of exploration, exploitation and production in upstream projects.

Royal Dutch Shell, commonly known as Shell, is a multinational oil and gas company headquartered in the Netherlands and incorporated in the United Kingdom. It is the seventh largest company in the world as of 2016, in terms of revenue. Shell paid €1.77 billion ($1.9 billion) it owed the National Iranian Oil Company in March, settling debts after sanctions against the country were lifted in January.

By SHANA