Iran Oil Ministry seeks investors that offer technology

Oil&Gas Materials 4 November 2015 18:07 (UTC +04:00)

Tehran, Iran, November 4

By Mehdi Sepahvand -- Trend:

The Iranian Oil Ministry is looking for investors that will provide new technologies for the country, according to Deputy Oil Minister in International Affairs Amir Hossein Zamaninia.

"In the oil industry, we are not worried about money, because we believe money finds its way into the country. But we have to manage and direct the money," he said, Iranian newspapers reported November 4.

"What is important for us is three main objectives. A good foreign investor should first transfer technology to Iran and, second, that should come with normal costs, that is, in the post-sanctions era we accept investors that bring along technology," he asserted.

"The third issue is the Oil Ministry's strategy for the coming ten years, which is to empower the private sector in the oil industry," Zamaninia added.

He further explained that Iran's condition for investment is for foreign companies to choose a private Iranian partner, if they seek work opportunities.

Iran's Ministry of Oil is looking forward to the removal of economic sanctions, in order to attract foreign cooperation.

Having spent years in isolation, the Iranian oil industry is in dire need for technology and infrastructural development.

Iran is also seeking to reduce its domestic energy usage, another tech-related area that comes with heavy losses for the oil industry.