Petronas to Continue Oil, Gas Cooperation with Iran

Petronas to Continue Oil, Gas Cooperation with Iran
TEHRAN (FNA)- Malaysia's National Oil Company Petronas announced that it will continue cooperation with Iran in the oil and gas sectors, stressing the existing opportunities for investment in the country.




Petronas Managing Director Shamsul Azhar Abbas announced Tuesday that despite the expiry of the company's contract in South Pars Field, Petronas does not intend to end cooperation with Iran and would keep on investing in Iran's oil and gas industries.

"In this juncture of time there are favorable opportunities for making investments in Iran," he added.

"Keeping in mind the existing potentials in Iran it does not seem rational for us to exit this high benefit market," the Petronas chief reiterated.

Asked whether Petronas would consider ending cooperation with Iran to remain intact from probable US retaliatory unilateral sanctions, Shamsul Azhar emphasized, "Not at all, we are there to stay."

He all the same stated, "We are not going to take control of the share of the Japanese oil firm Inpex at Iran's huge Azadegan Oil Field."

His remarks came after other European and Asian companies also defied sanctions against Iran by ordering more crude.

Recently-revealed data showed that the French and Italian oil companies, Total and API, as well as Shell, an Anglo-Dutch oil giant, have bought more crude oil from Iran despite tougher sanctions imposed against the country by certain states.