An NPC official said grounds have been provided for Royal-Dutch Shell oil giant to make direct investment in Iran.

Director of Investment at National Petrochemical Company (NPC) Hossein Alimorad pointed to Shell’s plan to return to Iran adding “following the tough sanctions against Iran, the Anglo-Dutch multinational oil and gas company halted its activities in Iran while the signing of a preliminary contract with NPC has paved the path for return of Shell to the Iranian market.”

“No details have been included in the draft contract as it would restrict the agreement,” highlighted the official noting that both sides are allowed to define areas of mutual cooperation.

The official went on to note that Shell held ties with Iran in Gas to liquids (GTL) refinery process before sanction years expressing hope that signing the primary Memorandum of Understanding (MoU) between NPC and Shell will deal with the unfinished project of producing natural gas products.

Managing Director of the National Petrochemical Company (NPC) Marzieh Shah-Daei and President of Department for Iran Affairs in Royal Dutch Shell Hans Nijkamp inked an MoU on October 09 at the presence of Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia, the Netherland’s Ambassador to Tehran Susanna Terstal and Deputy Head of British Mission in Iran Ben Fender.

Iran’s Zamaninia estimated that petrochemical project will become operational prior to oil and gas projects thanks to the wisdom of activists present in the industry.

Also at the MoU signing ceremony, Hans Nijkamp expressed shell’s willingness to conduct joint venture projects with NPC in petrochemical industry.