Bijan Zanganeh

The Iranian oil minister has announced a $60-billion deal to sell gas to Oman.

Bijan Zanganeh told IRNA that the 25-year agreement will start in just under two years.

King Qaboos of Oman was the first foreign guest of President Hassan Rohani’s new administration. He arrived in Tehran on Sunday August 25 for a two-day visit.

The oil minister announced that “the largest economic agreement between Tehran and Muscat” was adopted at this meeting, and the two parties have agreed on the importance of its “speedy implementation”.

Iran’s petroleum exports have sharply declined in recent years due to the EU- and U.S.-imposed sanctions on Iranian petroleum products.

Iran has gone from the second top oil producer in OPEC to the fifth position due to the sanctions; however, the oil minister has promised to increase oil production to levels before the onset of sanctions.