Tehran, July 29, IRNA – French Foreign Minister Laurent Fabius on Wednesday conferred with Oil Minister Bijan Zanganeh on future oil cooperation between the two countries.

The French top diplomat, as the third high ranking European officials to visit Iran after German Vice-Chancellor Sigmar Gabriel and EU foreign policy chief Federica Mogherini arrived in Tehran on Wednesday.

Iran-France economic ties have sharply declined in recent years as a result of sanctions imposed on Iran. However, horizon for future ties is bright and the two countries predict their trade exchanges would reach five billion dollars per year again.

Before sanctions, French companies were active in down stream and up stream sectors of oil industry, including in South Pars field.

French oil giant Total has already declared readiness to return to Iran.

By IRNA