European firms’ investment in Iran to increase – Minister

Business Materials 20 May 2018 10:39 (UTC +04:00)

Tehran, Iran, May 20

By Kamyar Eghbalnejad - Trend:

Investment by European companies in Iran’s energy projects will see a major rise not in the too distant future, Energy Minister Reza Ardakanian said.

A conference will be held in Tehran in the coming fall during which investment opportunities in Iran’s market, particualrly energy, for small and medium European firms will be explored, Ardakanian said on May 20 on the sidelines of his meeting with European commissioner for energy and climate Miguel Arias Canete.

The conference will be a good opportunity for European firms to increase their investment in the country’s lucrative market.

“The European commissioner for energy and climate said all participants at the EU-Western Balkans summit (in the Bulgarian capital, Sofia) unanimously decided to continue to honor their commitments to Iran (after Washington refused to remain in Iran nuclear deal),” he said.

The European commissioner is in Tehran in a bid to show that the European Union wants to keep trade open with Iran despite the US withdrawal from the 2015 nuclear deal between Tehran and world powers, officially known as the Joint Comprehensive Plan of Action (JCPOA).

EU leaders have united behind the 2015 accord, with Brussels considering banning EU-based firms from complying with the sanctions that US President Donald Trump has reimposed and urging governments to make money transfers to Iran’s central bank to avoid fines.

In a speech from the White House on May 8, Trump accused Iran of sponsoring terrorism and seeking nukes before announcing the US withdrawal from the nuclear agreement between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

Following the controversial decision, Iranian President Hassan Rouhani said the country weighs plans to remain in the agreement with the other five parties, provided that the remaining JCPOA parties ensure its full benefits for Iran.