Iran in talks to use foreign expertise in fuel consumption optimization

Tehran, Iran, Aug. 22

By Mehdi Sepahvand -- Trend:

Iran has held talks with companies from Japan, Germany, Italy, South Korea, Turkey, and France to use these countries' expertise in optimizing fuel consumption in the country, CEO of Fuel Consumption Optimization Organization Nosratollah Seifi said.

He noted that talks had began before the Vienna nuclear agreement, but they gained momentum after the agreement was reached, IRNA news agency reported August 22.

The nuclear agreement envisions the removal of economic sanctions on Iran, opening the way for the country to catch up on much underdevelopment it suffered during the long years under sanctions.

The official said the implementation of projects discussed with these countries will depend on how much cooperative the Iranian sector will be, because the foreign companies are to be referred to the private sector to start the projects.

He said while good investment opportunities as well as expert work force exist inside Iran, ample favor toward investing in the area has not been demonstrated.

According to Seifi, Iran will need over $190 billion investment in fuel consumption optimization in the next five years for a given GDP of 6 percent.

"In case another $20 billion is attracted from abroad, the projects will gain a lot more momentum," he said.

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