Iran’s oil industry needs $200 b. in investment: Minister

Bijan Namdar Zangeneh
Bijan Namdar Zangeneh

The Iranian oil minister says countries that hold talks with Iran before the lifting of sanctions will have an edge over others that wait until after the sanctions are removed.

Iranian Oil Minister Bijan Namdar Zanganeh has expressed confidence about a final agreement with six major powers including the United States to resolve the impasse over Tehran’s nuclear program as well as about the lifting of sanctions by the US and European countries.

Tasnim News Agency quoted the oil chief as telling the Japanese newspaper The Yomiuri Shimbun as saying that it is important for Japanese companies to start negotiations with Iran over oil field and natural gas development projects before sanctions are lifted. “We will distinguish between the countries based on their stance — whether they discuss with us before or after a final agreement. Many foreign companies are coming [to Iran] and having discussions with us.”

Zanganeh also said Iran will hold a briefing session for foreign companies in London on February 22 and 23 to announce new arrangements regarding Iran’s oil field and natural gas development contracts.

The oil minister said the duration of contracts with foreign companies would be extended to 15 to 20 years compared to the present typical 10 years.

As for foreign investment in oil and gas development, Zanganeh said Iran needs between $150 billion and $200 billion in the next decade.

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