Officially privatized in 2000, NITC is nonetheless much entwined with the state-owned National Iranian Oil Company, or NIOC.

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However, if the National Iranian Oil Company (NOIC) sells it natural gas outside of Iran, it turns a profit.

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Sinopec, the Chinese oil giant, and the National Iranian Oil Company (NIOC) signed an agreement to explore oil in Zavareh, Kashan, 205 kilometers south of Tehran.

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In the meantime, over 30 cases are still pending at the EU General Court, including cases filed by the Central Bank of Iran and the National Iranian Oil Company.

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Total has been engaged in talks about developing Phase 11, one of 23 fields in the potentially lucrative South Pars block and has a memorandum of understanding with the National Iranian Oil Company.

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Through close cooperation with Iran's state-owned National Iranian Oil Company, Total is involved in joint research projects and contracts for the development and operation of numerous onshore and offshore oil fields in Iran.

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It was only in 2003 when both nations started to make energy sector deals that the National Iranian Oil Company granted Brazil's oil giant Petrobras rights to explore Iran's offshore oil reserves in the Persian Gulf.

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The outline deal signed last month was to import about 4m tonnes of oil from the Iranian National Oil Company.

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