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BP to pay back Rhum debt to Iran

Business Materials 19 September 2015 16:25 (UTC +04:00)

Tehran, Iran, September 19

By Mehdi Sepahvand -- Trend:

British Petroleum has announced that it will repay a debt it owes Iran on the Rhum Gas Field.

Iranian Deputy Minister of Oil for International Affairs and Trade Amir Hossein Zamaninia met the British charge d'affaires in Tehran to discuss mutual relations in the post-sanctions era, during which the two sides discussed the Rhum debt, SHANA news agency reported September 19.

Commenting on Iran, Britain cooperation in the wake of the Iran nuclear deal, Zamaninia said a British economic delegation will visit Iran on October 2, during which the case will be further discussed.

The Rhum Gas Field is located 390 km north-east of Aberdeen, 109 meters of water. Gas production and export began on December 20, 2005.

Development of the Rhum project was circa £350 million. Prior to the start of production, Rhum was the largest remaining undeveloped gas reservoir in the UK Continental Shelf. The partners in the Rhum field are BP (Operator) 50% and Iranian Oil Company (U.K.) Limited (A subsidiary of the National Iranian Oil Company) 50%.

Iran and the group 5+1 (the US, UK, France, Russia, China, and Germany) struck a deal on the Islamic Republic's nuclear program on July 14 which is expected to lead to the removal of economic sanctions on Iran.

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