Iran supports everyone who wants to invest in oil sector
Baku, Azerbaijan, May 6
By Fatih Karimov - Trend:
Iran supports all those who want to invest in the Iranian oil sector truthfully, Iranian Oil Minister Bijan Namdar Zanganeh said.
The minister made the remarks while addressing the opening ceremony of the 19th International Oil, Gas, Refining and Petrochemical Exhibition which kicked off today in the Iranian capital, Tehran, ISNA news agency reported on May 6.
Iranian oil industry has proved to be able to sustain even during the hard times, Iran's ISNA quoted Zanganeh as saying.
"We are seriously after getting rid of rent-seeking in the oil industry," he added.
Some 600 foreign companies attending the oil fair, are seeking to position themselves for a return to large-scale operations if international sanctions are lifted, AFP reported.
With some of the world's biggest oil and gas reserves, the industry is the cornerstone of Iran's economy. However, it was heavily hit by an American and European embargo on the energy and banking sectors in 2012.
Major energy firms have since left or been stifled from doing business because of economic sanctions imposed as punishment for the country's disputed nuclear programme.
Since an interim agreement with the P5+1 group of Britain, China, France, Russia, the United States and Germany came into effect in January, Iran has been allowed to maintain its oil exports at around 1.2 million barrels per day (bpd).
Despite such numbers being higher than in recent years, Iran's oil exports are a fraction of what they were before sanctions - the country was shipping 2.5 million bpd of crude abroad in late 2011.
President Hassan Rouhani and Oil Minister Bijan Zanganeh have said in recent months Iran would benefit from the investment and technology transfer that international oil companies can deliver.
Regional representatives from France's Total and the German conglomerate Siemens are among 600 foreign companies registered for the International Oil, Gas and Petrochemical Refining Exhibition, according to government officials.