TEHRAN- Italy’s Eni S.p.A. and France’s Total S.A. announced their readiness for return to the Iranian market once the sanctions are lifted against the Islamic Republic.

The two European oil giants declared that besides providing finance, they are prepared for transferring technical knowledge for the implementation of oil projects in Iran, according to the Shana News Agency.

Speaking in the Iranian Petroleum and Energy Club Congress (IPEC 2015) in Tehran on October 19, Total's Middle East-North Africa President Stephane Michel said the French company is prepared to resume its activity in Iran’s oil sector in the post-sanctions era.

Total contributed to the development of some phases in Iran’s South Pars Gas Field before the sanctions were imposed on Iran; Michel stated, adding that the company is ready to provide finance and transfer modern technology for the implementation of Iran’s oil projects once the sanctions are removed.

Also, addressing the same congress, Eni's Chief Upstream Officer Antonio Vella announced the company’s readiness for coming back to the Iranian oil industry after the lifting of sanctions.

He said Eni contributed to the development of some phases of South Pars and also implementation of different petrochemical projects in Iran.

He mentioned applying world’s modern technology for the development of oil and gas fields in Iran as the main strategy of Eni for presence in Iran in the post-sanctions time.

Global energy giants, which have been waiting for return to the Iranian market, now have a real chance to restore their activity in the Islamic Republic.

They are showing interest in a post-sanctions Iran, though most have said they're waiting on the wings.

MA/