Iran Invites Foreign Firms to Develop Oil and Gas

By John Lee.

Iran’s deputy Oil Minister has said that the country is inviting foreign investors to actively develop its energy industry after the expected easing of sanctions.

Rokneddin Javadi (pictured) told Reuters:

“We welcome all oil companies, including the Americans, that meet Islamic Republic’s requirements to invest in Iran. We welcome competition among foreign oil companies.”

He added that Iran placed no limitations on Western companies, including U.S. companies, investing in its oil and gas sector, and said Iran needed foreign know-how and technology to help develop its oil fields and improve pipeline and refinery infrastructure.

Our policy is that all foreign companies can bring their investment, technology and advanced management skills to develop our oil industry. Iran’s market will not be monopolised by a few companies.”

“Iran has never banned American companies from working in Iran. It was their government’s imposed unjust limitations that took this chance away from them.”

According to the report from Reuters, American companies will still not be able to return to Iran because U.S. sanctions related to human rights and terrorism will not be lifted under the new deal.

(Source: Reuters)

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