Iran planning for investment from France’s Total

TEHRAN -- Iranian Minister of Petroleum Bijan Zangeneh says Iran is planning to open a new chapter in cooperation with the French energy giant, Total, for the development of Iranian oil fields.

Speaking to reports on the sidelines of a Wednesday meeting with visiting French Foreign Minister Laurent Fabius, Zangeneh discussed the highlights of the meeting.

"Total enjoys more than 20 years of presence in developing Iran's oil projects and considering French companies' willingness, a new chapter is expected to open in the company's activities in [Iran's] oil fields," the Iranian official said, according to a statement on the Pars Oil and Gas Company website.

French petrochemical companies will finance projects in Iran's petrochemical sector as it was the case before the sanctions, he said, adding that French firms have long been active in Iran in the sector.

Cooperation in the optimization of energy consumption, production of LNG, and manufacturing and supplying oil industry equipment were also discussed during the meeting, said Zangeneh.

He also said that French energy companies will visit Iran to hold talks with Iranian private sector companies.

“Iranian and French companies will cooperate for the production of oil industry equipment in Iran under the French brand and through French investment,” Zanganeh said, adding that the equipment will not only be used in Iran, but also exported to regional countries.