Tehran, Iran, July 15
By Mehdi Sepahvand – Trend:
Implementation of the nuclear deal between Iran and the group 5+1 helped Iran’s oil ministry greatly by reducing project costs and helping to boost exports, Deputy Oil Minister for International Affairs and Trade Amir Hossein Zamaninia said.
Now foreign companies are looking forward to coming to Iran through the new oil contracts, he told SHANA news agency July 13 on the occasion of the JCPOA conclusion anniversary.
The Joint Comprehensive Plan of Action (JCPOA, aka nuclear deal) was reached by Iran and the P5+1 (China, France, Russia, UK, US plus Germany), and the European Union, in Vienna on July 14, 2015.
The deal was implemented in January 2016. Since then, Iran has doubled its oil output from one million barrels per day. Iran’s oil industry suffered greatly under the sanctions, with many development projects halted or carried out with extra costs.
Zamaninia also said the release of Iran’s frozen oil equipment was another achievement thanks to the nuclear deal.
“After the JCPOA implementation, we have held at least 150 meetings with foreign companies for investment,” he stated.
Zamaninia said that currently the Oil Ministry has ties with 14 European banks.
The official concluded by saying that in about 1.5 months, Iran will offer 15 projects through the new oil contracts to foreign companies.