Iran, Shell start oil talks

Wed 13 Apr 2016 08:31 GMT | 12:31 Local Time

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Iran will provide the oil needed for some Shell refineries in South Africa once an agreement has been made.

According to Trend, the statement came from the National Iranian Oil Company's International Affairs Director Mohsen Qamsari, announcing that talks are underway between Iran and the British company.

As for the amount of oil likely to be sold to Shell, he said it will probably be set at the amount dating to the time that sanctions were imposed on Iran (namely about 100,000 bpd), Mehr news agency reported April 13.

He further stated that Iran has also held talks with British Petroleum and Petronas on exporting oil to South Africa.

Iran's oil trade with foreign countries was halted after sanctions were imposed on the Islamic Republic over its nuclear program.

The country saw a relief from the sanctions following the January implementation of a nuclear deal with world powers.

Iran used to export 2.3 mbpd of oil before sanctions, while under sanctions the number shrunk to 1 mbpd.

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