Iran’s oil minister to visit New York
Azerbaijan, Baku, Sep.22 /Trend R.Zamanov/
Iranian Oil Minister Bijan Namdar Zanganeh will accompany the country's president in his trip to the United States.
Iran's President Hasan Rouhani will visit New York to attend the U.N. General Assembly, the Mehr News Agency reported.
The Iranian oil minister plans to hold talks with senior officials of oil buyer states.
The first priority of Iran's oil ministry is to absorb foreign investment, so it's predicted that Zanganeh start negotiations with top European, Asian and even American oil companies to invest in Iranian projects.
Zanganeh had previously ordered the oil ministry officials to revise contracts in order to make the contracts more attractive to foreign companies.
Iran is in dire need of money and financial resources and can't afford paying the expenses of giant projects in the energy sector, so it needs the money of domestic and foreign private companies to carry out the projects.
Iran's oil and oil products exports, which accounts for over 80 percent of the country's total exports, have faced a falling tendency in the past two years. The country's oil exports were around 2.2 million barrels per day in 2011 but the figure has fallen to below one million barrels.
Due to sanctions against the country, Tehran is not able to receive its oil revenues in any currency. Therefore it can just import legal goods from the destination country in exchange for the exported oil.
Several oil and gas projects in Iran has been halted (or their progress is really slow) due to financial problems or lack of technology. The projects' expenses have increased sharply, as well.