Iran invites all, including US-based companies, to make oil, gas investments: Minister

Iran invites all, including US-based companies, to make oil, gas investments: Minister

Iran invites all, including US-based companies, to make oil, gas investments: Minister

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Iranian Industry, Trade and Mining Minister Mohammad Reza Ne’matzadeh has said all global companies, including U.S.–based ones, can make oil and gas exploration investments in Iran, which has already identified 300 investment projects that will be announced next week. 

“A number of significant steps will be taken to lure investments in oil and gas exploration. This will not lower categories, including petrochemicals or refineries. All global companies, including U.S.-based ones, can invest in Iran as long as they meet the required conditions,” Ne’matzadeh was quoted by Reuters as saying in a meeting with economy journalists late on Oct. 1. 

He stressed that no limitations were being imposed on any global companies for investment in Iran. 

“The U.S. imposed limitations on its own companies [through sanctions], creating problems for companies in doing business in Iran. I hope these will end in time,” Ne’matzadeh said. 

Business delegations from around the world have flocked to Iran since the July 14 deal, in which Tehran agreed to curb its nuclear program in exchange for an end to economic sanctions that have hit the country’s oil production.

The gradual lifting of sanctions on Iran will be possible in line with the deal. 

“In nuclear talks, we have reached a ‘win-win’ deal for all sides. We hope the results will be beneficial for all of us. This process has showed even the most complicated and longest-running problems can be resolved through dialogue. We hope this will constitute a good example in resolving conflicts in our region and in the world,” Ne’matzadeh said, as quoted by Anadolu Agency.

He also said Tehran has prioritized 300 projects for investment. 

“After the documents on these projects are translated into several languages, they will be announced online by next week,” he added. 

Despite recent political tension between Ankara and Tehran, particularly over the conflict in neighboring Syria, Ne’matzadeh invited Turkish companies to invest in Iran in spheres such as transportation and energy.

“Cultural and religious commonalities will give Turkish firms an upper hand in investing in Iran over other companies. Turkish firms should show the courage to invest in Iran,” he said. 

“We will never forget how the Turkish government and the Turkish people supported us during the era of sanctions,” Ne’matzadeh added. 

“If Turkish companies faced any problems in money transfers and cash proceedings about their investments in Iran, these problems were due to the sanctions. After the sanctions are lifted such problems will not be an issue and all banking transactions will be normal again, accelerating the investment inflow to Iran,” he said. 

According to Anadolu Agency, he also noted that cooperation with Russia and China was crucial for Iran’s future.