Baku, Azerbaijan, Oct. 20
By Fatih Karimov - Trend: Iran will sign its first deal with foreigners after nuclear agreement with world powers in July.
Iran's first Vice President Es'haq Jahangiri said 4.2 million euro will be invested in the country's power sector, and the plan will be approved by the government soon, Mehr news agency reported on Oct. 20.
He made the remarks in a ceremony held to mark the National Day of Exports.
He added that once sanctions are lifted, the country's oil output would rise by 500,000 barrels per day, reaching 2 million barrels per day.
Jahangiri forecasted that the sanctions would be removed by December.
Once sanctions and restrictions on financial transactions are relaxed, Iran's trade, which had both declined in absolute terms and shifted away from Europe towards Asia and the Middle East, will expand.
The World Bank estimates that sanctions reduced Iranian exports by $17.1 billion during 2012-14, equivalent to 13.5 percent of total exports in that period.
The Islamic Republic and the group P5+1 (the US, UK, France, Russia, China, and Germany) reached a long-awaited comprehensive deal called the Joint Comprehensive Plan of Action (JCPOA) on July 14.
Edited by CN