News ID: 199885
Published: 0955 GMT September 03, 2017

Foreign companies willing to invest in Iran's oil industry

Foreign companies willing to invest in Iran's oil industry

A number of foreign companies have voiced their willingness to help Iran implement its oil project, said a deputy oil minister.

According to Shana, Amir Hossein Zamani-Nia further said, "Given the enthusiasm shown by foreign companies to be involved in Iran's oil sector, the industry will experience a great boom within the next two years."

Pointing to the ongoing negotiations with directors of foreign oil companies, he added, "There is intense competition across the world to attract foreign investment, but the assets are limited while competition for absorbing them is high."

In relevant remarks in late October, Iranian Petrochemical Commercial Company (IPCC) Executive Director Mehdi Sharifi Niknafs said Iranian petrochemical facilities are ready to present their products to Germany, Britain and Europe.

According to a directive by the Headquarters of Economy of Resistance, Iran National Oil Company should settle 10 contracts by mid-March 2018.

Noting that the first agreement with Total, CNPCI and Petropars has been signed to develop the Phase 11 of South Pars Joint Gas Field, Zamani-Nia said that if technical talks are conducted properly, negotiations on other sections will not take long.

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