Iran Calls for Foreign Investment in Oil Extraction from Caspian Sea

Iranian Oil Minister Bijan Namdar Zanganeh touched upon the exploration of oil resources in the Caspian Sea, and said, “We need the contribution of well-known foreign companies to explore oil reserves in the Caspian Sea.”

“With the lifting of sanctions, we hope foreign firms will invest [in oil exploration projects],” he told reporters on Tuesday, according to a Farsi report by Tasnim.

He said Iran has no experience regarding oil exploration in waters as deep as 800 metres and more like in the Caspian Sea.

“In terms of financing and technology, we still have problems,” said the minister.

“Of course, we should do part of the exploration work on land in Golestan province with our own resources before moving to explore oil deposits at sea,” he said.

 

Iran to Begin Oil Swap in North of Country

Zanganeh also underlined the importance of oil swap, saying Iran has what it takes to help get the project running.

“Oil swap work is one of the important issues that we began to follow up when the 11th administration took office, and now the Islamic Republic of Iran has all the facilities and conditions required for that,” the minister said.

“As the swap path has been closed for several years, it requires time and the cooperation of other oil supplying countries to reopen it,” Zanganeh noted.

He said instructions have been issued to start oil swap work in the north of the country.

“Today, Kazakhstan, Turkmenistan and Russia should provide raw fuel for swap work in the north, and we on the Iranian side are fully prepared in terms of facilities.”