Illustrative Flash 90

Iran and Spain have signed a deal which would allow the Islamic Republic to supply oil to European countries via Spain.

The agreement was formalized in Tehran Monday during a visit by a delegation representing 70 Spanish companies, Iran's semi-official Fars news agency reported. 

It comes one day after Iranian Oil Minister Bijan Zanganeh met with Spain's Minister of Industry, Energy and Tourism José Manuel Soria López, and announced the two countries' intention to facilitate the supply of liquefied natural gas (LNG) from Iran's South Pars field to Europe.

European businesses are lining up for lucrative trade deals with Iran, following the recently-declared deal with western powers over its nuclear program. Under the nuclear deal, crippling sanctions on the Iranian economy will be lifted to the tune of billions of dollars, in exchange for a limited rollback of Iran's nuclear program.

Critics have voiced concern that a significant portion of the money Tehran gains from such deals will be used to boost its support for a wide range of Islamist terrorist groups.

Earlier this month, Deputy Managing-Director of the National Iranian Gas Company (NIGC) Mohammadreza Ghaznavi said that European countries were among the most "eager" to import Iranian natural.

"Different countries have voiced their willingness to import gas from Iran and Europe is among the most eager ones," Ghaznavi said.