Iranian Vice President Eshagh Jahangiri announced that the government has made its first international trade deal since the nuclear agreement between Iran and the 5+1 was reached this past July.

Eshagh Jahangiri

Eshagh Jahangiri

In a report on Tuesday October 20, Jahangiri said visits to the country by various international trade delegations have resulted in a trade agreement.

Jahangiri said the deal will inject 4.2 million euros into the country’s power generation sector. He did not name the foreign company involved in the agreement.

Jahangiri also confirmed that the Ministry of Oil is poised to increase oil production to two million barrels a day as soon as the sanctions are eliminated.

The slump in oil prices has translated into a serious budget shortfall for the Rohani administration, which they hope to alleivate through increased foreign trade and oil production once international sanctions are removed.