France’s Total signed a framework agreement on Thursday with Iran’s state-owned oil company for the purchase of crude.
Total said it has signed a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) as well as a framework agreement for the purchase of crude oil for French and European refineries.
The company has not disclosed the potential purchase volumes.
Following the MoU, NIOC will provide technical data on some gas and oil projects, “so that Total can assess potential developments in Iran,” the company added.
Further details about the memorandum have not been disclosed.
The agreement was signed following a meeting between Total CEO and chairman Patrick Pouyanné and Iranian president Hassan Rouhani.
The memorandum is the second of its kind that Iran has signed with a major oil and gas company during Rouhani’s multi-day trip to Europe following the lifting of Western sanctions.
Earlier this week, Italy’s Saipem said it signed a memorandum of understanding with the Parsian Oil & Gas Development Company that “envisages discussions aimed at Saipem’s potential cooperation in revamping and upgrading the Pars Shiraz and Tabriz refineries.”
The potential value of the memorandum has not been disclosed.
Iran is eagerly courting European investment and projects as it tries to boost its crude exports back up to pre-sanction levels.
Iranian Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh told Reuters last July that the country is targeting as much as as much as $185 billion in new energy projects by 2020.