Contacts with Foreign Firms Never Cut

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The deputy minister of petroleum has said that Iran’s contacts with foreign oil firms were never cut.
“Ministry of Petroleum has always been in talks with foreign companies and it was not such that their contacts have been cut by sanctions,” Mansour Moazzami said.
He said that foreign companies are eager to invest in Iran, adding that they are waiting for appropriate opportunities.

“Doubtlessly, with the lifting of sanctions and legal obstacles, foreign companies will be present in Iran’s petroleum industry projects,” said Moazzami.
He added that Iran’s petroleum industry is in “dire” need of foreign investment.

Source: Shana

Foreigners to Flood Iran Market

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The head of National Petrochemical Company (NPC) has said that foreign financiers are expected to flock to Iran’s market after a nuclear deal is finalized with six world powers.
“After July 1 this year, foreign investors would flock to Iran, particularly to the oil and petrochemical industry and doubtlessly we have to prepare ourselves for such an event from now,” Abbas Sheri-Moqaddam said.
He said that after much-expected finalization of Iran’s nuclear deal with world powers by July 1 deadline, the NPC would be ready to bring about major developments in the petrochemical sector.

He said that the petrochemical industry needs a high level of investment and state-of-the-art technology.
“Under the present circumstances, this industry needs $8 billion a year of investment to make up for its backwardness,” he said.

Sheri-Moqaddam said Iran produced 44.4 million tons of petrochemicals in the last calendar year which ended on March 20, up 10% year-on-year.

Source: Shana