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4-Traders Homepage  >  Shares  >  London Stock Exchange  >  Glencore PLC    GLEN   JE00B4T3BW64

GLENCORE PLC (GLEN)

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Delayed Quote. Delayed London Stock Exchange - 07/03 11:35:12 am
252.65 GBp   -1.21%
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Glencore : is latest firm talking with Iran over future oil business

07/03/2015 | 02:00pm US/Eastern

Global mining and commodity trading firm Glencore met with Iranian officials in Tehran to discuss possible business deals should economic sanctions be lifted, industry sources said on Thursday.

Iran is negotiating with the United States and five other big powers - Britain, China, France, Germany and Russia - a deal under which Tehran would curtail its nuclear programme in exchange for relief from sanctions.

Exploratory talks took place around potential business opportunities subject to the removal of the relevant sanctions, the spokesman for Glencore said on Thursday.

An industry source said that Glencores head of oil, Alex Beard, led a small team which met with Iranian officials to discuss potential oil deals.

Royal Dutch Shell held similar discussions in Tehran last month. Other companies are also understood to be in discussions with Iran, but Glencore is the first commodities trader confirmed to have visited Tehran close to the deadline for a nuclear deal.

Western sanctions have cut Irans oil exports by more than half to around 1.1 million barrels per day from a pre-2012 level of 2.5 million bpd, with the loss of oil income making it difficult to invest in new development and pay for the equipment and services needed to keep its production operating smoothly.

(c) 2015 Mehr News Agency Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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