TEHRAN: U.S. oil delegation is scheduled to travel to Tehran this week to hold talks with a number of Iranian petroleum ministry officials as well as oil industry contractors.
“It is predicted that following the visit by the American delegation to Tehran and possible removal of sanctions against the oil industry, we will witness the presence of major international U.S. oil and gas companies in Iran in future,” Abbas Sheri Moqadam, Iran’s deputy petroleum minister said.
Meanwhile, the Iranian official said European and American companies have already voiced their preparedness to invest in several new petrochemical projects in Iran.
“Negotiations have already started with companies from Germany, the Netherlands, and Italy,” said Sheri-Moqaddam.
Managing Director of Iran’s National Petrochemical Company (NPC) also reiterated that there is no limitation for American companies’ investment in the Iranian petrochemical industry.
“There is no limitation for foreign investment in the country, because when these companies want to invest in Iran, they should first register an Iranian company which can operate in Iran without facing any limitation,” NPC managing director noted.
Last month, the Iranian Association of Petrochemical Industry Corporations (AIPC) said the country’s petrochemical sector was capable of attracting USD 70 billion in domestic and foreign investment.
AIPC said the value of half-finished projects in Iran’s petrochemical sector amounts to USD 70 billion, proving its “good potential” to attract foreign investment.
At the beginning of 2012, the United States and European Union imposed sanctions on Iran to prevent other countries from investing in the country’s oil and gas industry. The sanctions were imposed under the pretext that there is a military aspect to Iran’s peaceful nuclear program, an allegation Iran categorically rejected.
However, in November 2014, the Islamic Republic and the P5+1 group of countries – the U.S., the UK, France, Germany, Russia and China – reached an interim agreement on Iran’s nuclear program in the Swiss city of Geneva, which led to the relative loosening of sanctions against Iran, paving the way for further cooperation in various economic fields between Iran and other countries.
Iranian officials have already announced that they have special plans for boosting oil exports after the U.S.-engineered sanctions against Iran are lifted as part of a possible final nuclear deal between Tehran and the P 5+1 group of countries.
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