Baku, Azerbaijan, Aug. 2
By Fatih Karimov - Trend: There are no limitations for U.S. oil firms to invest in Iran, said Iran's Oil Minister Bijan Namdar Zanganeh.
"We have set no limitations for any company or country. The U.S. government has banned companies from doing economic activities in Iran," Iran's IRNA news agency quoted Zanganeh as saying on August 2.
"Boosting competition will be in favor of Iran and we see no restrictions for the presence of U.S. companies," he added.
The U.S. law has banned the presence of its energy companies in Iran since 1995.
Iran has announced that $185 billion investment is needed in upstream oil and gas sector, as well as $70 billion in petrochemical and $200 billion in optimizing energy consumer sectors to halve the energy intensity, which is two times more than global averages.
Several high ranking European delegations plan to visit the country in the near future to explore the avenues to promote trade ties with the Islamic Republic. The visits follow a breakthrough in Vienna last month by Iran and the P5+1 group of countries - the five permanent members of the Security Council plus Germany - over the Iranian nuclear program.