Iran Welcomes U.S., European Companies To Invest, Ministry Official Says

Iran is set to welcome international investment, particularly from the U.S. and Europe, an Iranian Ministry official said on Sunday.

When sanctions are removed, U.S. and European companies will be able to invest in Iran’s various industrial projects, including its oil sector, Mehdi Hosseini, the head of the Oil Contracts Revision Committee of Iran’s Ministry of Petroleum, told Iran’s state-owned IRNA (Islamic Republic News Agency) on Sunday.

“In September in London, Iran will present conditions of new oil contracts for foreign investors,” Hosseini said, adding that the sanctions have caused heavy losses not only for his country, but also for western companies, which otherwise could have worked in the local markets.

Hosseini highlighted the opportunity as Iran’s oil industry is very attractive to foreign investors from an economic and technical point of view.

Hosseini had earlier stated that the ministry would present new contracts immediately, after the nuclear deal is signed, and would offer investment opportunities in the oil and gas sectors. “But, if the sanctions remain, we shall not have any other choice but to mind the political aspect in future contracts,” he said.

Formerly, the government of Iran had undertaken an obligation to pay for all of its production expenses. However, the National Iranian Oil Company (NIOC) is ready to accept joint ventures with foreign companies, the official said.

Iran and the Group 5+1 (the five permanent UN Security Council members plus Germany) started their new round of talks in Lausanne, Switzerland, last week over Tehran’s nuclear energy program ahead of a July 1 deadline.

Following nine days of negotiations, the seven nations reached an understanding which laid the ground for them to start drafting a final nuclear deal.

Iranian Foreign Minister Mohammad Javad Zarif said on April 2 that according to the agreement reached between Iran and the six world powers, all the U.S., EU and UN Security Council sanctions against Iran would be lifted under the final deal.