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US, Canadian oil companies eye Iran business

Business Materials 26 April 2016 18:11 (UTC +04:00)

Baku, Azerbaijan, April 26
By Khalid Kazimov - Trend:

Iran has held talks with several Canadian and American oil companies on various contracts for selling petrochemicals, purchase of technology and investment in oil and gas industry, Mehr news agency reported. According to the report, over the past several months and after the removal of international sanctions on Iran a group of American and Canadian companies have been in talks with Iranian officials to seal deals on launching upstream and midstream oil, gas and petrochemical projects. The report added that the North American companies also eye selling goods and equipment, providing Iran with drilling services and purchasing petrochemical products from Iran. Mehr said that companies such as Halliburton Corporation and the General Motors Corporation are likely to reach deals with Iran on drilling. However Marzieh Shahdaei, director for projects at National Petrochemical Company of Iran, dismissed the reports suggesting that the American companies have plans to invest directly in Iran's petrochemical industry. An official document of Iran's Oil Ministry, obtained by Trend suggests that the country for developing its upstream, midstream and downstream oil and gas projects needs to attract $501 billion by 2025. rs

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