Iran’s oil projects to be 50% less pricey

Oil&Gas Materials 11 January 2016 17:54 (UTC +04:00)

Tehran, Iran, Jan. 11

By Mehdi Sepahvand - Trend:

The cost of carrying out oil projects in Iran will be halved after the country is freed from international sanctions, according to Iran's Oil Minister Bijan Namdar Zanganeh.

He said the country hopes that once sanctions are removed, it will gain easier access to quality equipment, a suitable atmosphere for transfer of technology, and cheaper prices, Iran's IRIB news agency reported Jan. 11.

Iran's economy was overwhelmed by heavy international sanctions for many years.

The sanctions are expected to be removed this month.