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Oil giant Shell signs deal with Iran

Energy giant Royal Dutch Shell, which makes Shell Gadus S2 V100 3 and Shell Omala S2 G 320, has formalised a provisional agreement with Iran that will see it develop gas and oil fields in the country.

This latest move from the company could be a sign that energy companies are not going to be deterred from making business deals with Iran, despite not knowing whether U.S. President-elect Donald Trump will do away with a nuclear deal formed by many of the world’s most powerful people.

A spokesperson for Royal Dutch Shell revealed that a memorandum was confirmed on Wednesday with the National Iranian Oil Co, with the deal being made to increase cooperation between the oil giant and the Middle Eastern country.

The agreement between the two parties is nonbinding and deals with the development of oil fields in Yadavaran and South Azadegan, as well as the Kish gas field, says a report by Reuters.

Shell, which has its headquarters in the Netherlands and operations all over the world, became the biggest energy company to dip a toe back into Iranian operations since sanctions on the area were lifted, when a nuclear deal came into force at the beginning of the year. French firm Total then followed suit, signing a deal to complete a sizeable Iranian gas field in October. This perhaps hints that the deal to life sanctions in the region will stay in place, despite Trump branding it a ‘disaster’.

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