Iran, US companies investing in oil industrial project

Business Materials 10 May 2017 13:35 (UTC +04:00)

Baku, Azerbaijan, May 10

By Dalga Khatinoglu – Trend:

American Pall Corporation (manufacturer of proprietary filtration) agreed to establish a joint venture with an Iranian company to produce filters for oil projects, Neda Mousavi Azadegan, a member of Iranian Petroleum Industries Equipment Manufacturers Association said May 10.

According to IRNA, she added that American company would deliver the technology of production of filters to Iran.

“During the sanctions era (2012-2015) Iran was importing non-standard filters, but after the joint project become operational, the cost of filters would decrease 10 times for Iranian projects,” she added.

According to her, Iran can also export filters to Iraq and Central Asia in the future.

This is the first time that Iran claims an American company agrees to invest in Iran after removal of nuclear sanctions since January 2016.

According to US sanctions, none of American companies can invest more than $20 million per year in Iran’s upstream oil and gas projects, but there are less sensitivity for other industrial sectors.