Glencore PLC, the Switzerland-based mining and trading giant, has become the first Western company to load oil of energy-rich and sanctions-free Iran.

The Wall Street Journal reported with reference to the shipping company officials that started shipping of Iranian oil on February 5.

A tanker chartered by Glencore AG loaded 80,000 metric tons of fuel oil at the Iranian oil-products terminal of Bandar Mahshahr and left bound for the United Arab Emirates.

Iran, the fourth country in the world for its proven oil reserves of 158 billion barrels, has been producing additional 200,000 bpd of oil since January 21 and storing for later export to Europe, Fars News Agency reported on February 7 quoting an informed source.

The source told local media that the stored additional oil will be exported to Iran’s traditional European customers, pointing out that Greece is likely to be its first receiver.

The developments come in the wake of the removal of international sanctions on Iran. The sanctions are lifted in accordance with the Joint Comprehensive Plan of Action between Iran and the group 5+1, which came into force on January 16.

Foreign energy giants, operating in the oil and gas fields of Iran, have been long awaiting their return to the vast Iranian market. The removal of sanctions has paved the way to restore their activities in the Islamic Republic and take even greater benefits from operations in this new market.

Iran used to sell as much as 800,000 bpd to European refiners in Italy, Spain and Greece before the sanctions over its nuclear program were imposed.

On February 6, Iranian Oil Minister Bijan Namdar Zanganeh said Iran plans to sell 300,000 barrels of crude oil a day to Europe, a major market for the Islamic Republic before much of the West imposed sanctions against Tehran in 2012.

The minister also revealed some figures about the country's oil export plans. He said an agreement on export of 160,000 bpd of oil to France’s Total will come into force on February 16.

Zanganeh also said Total is going to start work on Iranian projects, including the Sough Azadegan Oilfield and Iran’s LNG.

The Italian Eni is also going to sign a contract with Iran during current visit of the company’s representatives to Tehran. Eni has requested a flow of 100,000 bpd of oil. There are talks that the company is going to develop an oilfield for Iran.

The Italian Saras is also seeking 60,000-70,000 bpd from Iran.

Iran, which aims to boost its oil exports by 500,000 barrels a day in the next few months, shows how one of the world’s biggest energy producers is keen to return its traditional markets and increase export of oil and gas thanks to the implementation of the JCPOA.

The implementation of the JCPOA is expected to bring a comprehensive development to Iran's economy.