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Iran invites US, European companies to invest in its industries — ministry

April 06, 2015, 9:44 UTC+3 TEHRAN

The companies will be able to invest in Iran's oil industry

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TEHRAN, April 5. /TASS/. US and European companies will be able to invest in various industrial projects in Iran, including those in the oil sphere, Mehdi Hosseini, head of the Oil Contracts Revision Committee of Iran's Ministry of Petroleum, told IRNA on Sunday.

"In September in London, Iran will present conditions of new oil contracts for foreign investors," he said, adding the sanctions cause losses not only for his country, but also for western companies, which otherwise could have worked in the local markets. The Iranian oil is highly attractive for foreigners, he said.

He said earlier, the ministry will present new contracts immediately after the nuclear deal is made, and will offer investment opportunities in the oil and gas sectors. "But, if the sanctions remain, we shall not have any other choice but to mind the political aspect in future contracts."

Formerly, the Iranian government undertook an obligation to pay for all production expenses. But now the National Iranian Oil Company (NIOC) is ready to have joint ventures with foreign companies, the official said.

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