Iran lays condition for cooperation of foreign oil companies
Tehran, Iran, October 25
By Mehdi Sepahvand -- Trend:
The Iranian Oil Ministry has laid a condition for foreign companies that are willing to work in the post-sanctions Iran, Deputy Oil Minister for International Affairs Amir-Hossein Zamaninia said.
Every foreign oil company that is planning to work in Iran must do so in cooperation with one Iranian partner, the official explained.
He said the condition is intended to provide Iranian companies with experience and expertise in carrying out related projects, Mehr news agency reported October 25.
As Iran is looking forward to being freed of international sanctions following its recent nuclear deal with world powers, many foreign companies have started talks with the Oil Ministry to find a place in the post-sanctions Iranian oil industry.
Zamaninia said the sanctions are expected to be lifted in two months.
He added Iran is also planning to turn into an energy hub by using foreign companies' expertise.
He also said US oil companies are likely to be invited to a conference where the Oil Ministry plans to introduce projects.
According to the official, companies from Austria, Italy, Germany, France, Spain, and the UK have so far met Iranian oil officials to explore cooperation venues.
The oil industry is one of the sectors hit worse by decades-long sanctions. Iran is losing huge amounts of oil to neighbor companies at joint fields and the country plans to catch up.
Under heavy sanctions, the country has also lost greatly in its share of the OPEC basket and it plans to redeem its place there by boosting its crude output after sanctions are lifted.