US Firms ‘Likely to Attend’ Oil Contracts Conference

The Managing Director of the National Iranian Oil Company (NIOC) said the US companies are likely to take part in the upcoming conference to unveil Iran’s new oil contracts in Tehran.

There is no clear picture about their participation, but the chance can’t be ruled out,” Rokneddin Javadi (pictured) told Shana.

The government has laid no limitation for their participation, and cooperation with the US firms will be possible within the Iran Petroleum Contracts,” he added.

Last Saturday, Minister of Petroleum Bijan Zangeneh said the main conference on introducing Iran’s new oil contracts will convene in the near future in Tehran.

The new oil contracts and the projects to be developed within their scope will be introduced to foreign investors in a conference in Tehran in month of Aban (Oct 23 – Nov 21),” he told Shana.

Saying that venue of the main event which was due to be held in London has been shifted to Tehran, the minister added, “The companies that cannot make it in Tehran, can participate in the subsequent London conference.

The Tehran event is expected to be embraced by foreign firms longing for participation in Iran’s oil industry in the post-sanction era.

The new contracts called Iran Petroleum Contract (IPC) will be more attractive, Zangeneh said earlier.

In early September, he welcomed foreign investment in Iran’s energy industry, but said the Islamic Republic is interested in technology transfer by foreign partners.

More than cash or using the technology, we would like to have their advanced technology to be transferred to domestic companies,” he stressed.

In the wake of nuclear deal on July 24, Iran has been receiving high-ranking officials and corporate executives of major companies from Germany, Spain, Austria, Italy, and France to discuss new cooperation ventures.

President Hassan Rouhani has urged US companies to invest in Iran saying the country’s enormous energy reservoirs and its geopolitical location at the crossroads of China, Central Asia, and the Oman Sea as well as the level of security and stability in the region have provided unique conditions for trade with the Islamic Republic.

Rouhani who was in New York to attend the United Nations General Assembly and the UN Sustained Development Summit, in a meeting last week with US corporate representatives said Iran has not banned US companies from doing trade in Iran.

US firms in a competitive setting can use the post-sanction conditions and invest and transfer technology to Iran, the president said.

He referred to the on-going negotiations between Iran and the major European and Asian firms, and on the possible difficulties for investment and presence of US firms in Iran said, ‘There is no doubt that these barriers and objections will not continue to stay.’

Also prior to his departure to the UN, President Rouhani said investors from US private firms can be active in Iran’s economy adding  joint ventures and exchange of technology between Iranian and US private sectors can stabilize the nuclear deal.

Iran’s economic atmosphere is open for Americans and Europeans to come here and to have economic activities together. Americans, too, can come to Iran for investment and exchange of technology,” he told CBS’ 60 Minutes program.

If our private sector and US private sector can exchange in technology and investment, it can prepare the atmosphere and bring about more stability for the nuclear deal,” Rouhani said.

(Source: Shana)

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