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Glencore is latest firm talking with Iran over future oil business

Reuters - UK Focus

LONDON, July 2 (Reuters) - Global mining and commodity trading firm Glencore (Xetra: A1JAGV - news) has been holding talks with Iran's officials about possible business deals should economic sanctions be lifted, a company spokesman 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.

Royal Dutch Shell (Xetra: R6C1.DE - news) held similar discussions in Tehran last month.

Western sanctions have cut Iran's 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. (Reporting by Silvia Antonioli; Editing by Greg Mahlich)