National Iranian Oil Company (NIOC) and French giant oil company Total have signed a memorandum of understanding which foresees crude oil sale to the major European firm. Prior to signing of the document on Thursday, Total had announced that the Iranian and French parties agreed on a 150-200 thousand barrels a day crude oil transaction. The MoU was endorsed by NIOC Managing Director Rokneddin Javadi for Iran and a senior Total manager for France in the presence of the two countries’ presidents. Iran and France signed 20 agreements and contracts reportedly worth 30 billion euros during the recent visit of President Hassan Rouhani to Paris including tourism, agriculture, aviation, transportation, communications, higher education and water management. The most significant deal was purchase of 118 passenger aircraft between Iran Air and Airbus.