US companies have problems working in Iran- Minister

Oil&Gas Materials 28 November 2015 14:11 (UTC +04:00)

Tehran, Iran, November 28

By Mehdi Sepahvand - Trend:

The US companies encounter problems while working in Iran, said the country's Oil Minister Bijan Zanganeh.

''Things are ready for these (the US) companies to take part in improving Iran's oil industry, but the fact is they have problems with being in Iran,'' Zanganeh said on the sidelines of the Tehran Conference which is held by the Oil Ministry to unveil Iran petroleum contracts (IPC), a new form of oil contracts introduced by Iran.

Zanganeh did not answer a question if Iran has any issues with the presence of US companies in the country, Trend correspondent in Tehran reported.

Things are generally ready for foreign investors, he noted.

It should be noted that the US law banned the presence of its energy companies in Iran since 1995.

Asserting that foreign companies would have to work with an Iranian partner in order to be given a project according to the IPC model, Zanganeh noted that no new Iranian company is going to be launched for the purpose of cooperation with foreigners.

"The existing companies will have to step up to be able to work with foreigners,'' he stressed.

Commenting on the IPCs, he said that Iran would be successful if it can attract $25 billion worth of investment through these new contracts.

Some of the world's biggest names in oil, gas, and petrochemicals industries gathered in Tehran Nov. 28 to attend the conference, during which Iran's Oil Ministry unveiled its IPC model contracts. Over 300 companies attended the event.