Azerbaijan, Baku, Feb. 4/ Trend M. Moezzi
Over $2 billion in foreign investments have been made in Iran's oil industry this year, Shana News reported.
Despite sanctions, this year (Iran's solar year ends on March 20) $5 billion in foreign investments have been approved and $2 billion in preliminary investments have been made. So far, 58 percent, $5.2 billion of financing from foreign trade sources has accounted for the oil and gas industries, Behrouz Alishiri, head of the Organization for Investment Economic and Technical Assistance of Iran (OIETAI), said.
Tougher sanctions against Iran are "ineffective," and will only harm European nations, the OIETAI head said, adding that total foreign investments in Iran are estimated at $17 billion.
The European Union (EU) has decided to stop buying oil from Iran by July 1. The new sanctions are part of the United States' and the West's efforts to punish Iran for its nuclear activities.