Saturday, May 18, 2024

Foreign investors win bid to develop seven oil fields in Iran

Iran is pushing its policy to draw foreign investors in the oil sector by putting then on seven oil fields in the south of the country, the head of the National Iranian Oil Company (NIOC) says.

Mohsen Khojasteh Mehr said on Thursday, “As the minister of economy and finance pointed out, the oil sector has a significant track record with 4.8 billion dollars of foreign investment, and currently, seven oil fields are being developed with foreign investment.”

Undermining the Western sanctions spearheaded by the US, Khojasteh Mehr said Iran has signed oil contracts with different countries and is negotiating to sign new agreements.

Considering Iran’s potentials in investment capacities, he said the prospects for new agreements, with both domestic and foreign companies, are high.

The remarks came a day after the 28th Iran International Oil, Gas, Refining and Petrochemical Exhibition, also known as the Iran Oil Show 2024, kicked off in the Iranian capital Tehran.

Over 250 firms from 12 countries, including Argentina, Austria, Belarus, China, France, India, Japan, and Russia, besides 1,500 domestic companies, have taken part in the event.

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