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Iran spells out conditions for US oil firms

Source: Press TV

An official says Iran's oil and gas is open to American investment but US companies have to tie up with Iranian companies under certain terms."From the government's standpoint, there is no limitation for oil investment by the Americans in Iran," deputy Minister of Petroleum Amir Hossein Zamaninia said, the Mehr news agency reported.

Deputy Minister of Petroleum Amir Hossein Zamaninia

The official said European and American companies are showing strong interest for investment in Iran's oil and gas industries.

"Over the past couple of months, not one or two companies but several American entities have announced readiness to invest and participate in Iran's oil industry projects if sanctions are annulled."

Zamaninia said most US companies have proposed to partner with other companies for investments as he spelled out Iran's conditions.

"The pattern for partnership and investment of American companies in Iran's oil and gas industry has to be based on the trade package which has been earmarked to the Iranian private sector," he said.

For any venture in Iran, US firms have to compete with Iranian companies in the private sector, he said.

American companies are banned from any business in Iran under current US government laws but they have always watched trade opportunities in the Middle Eastern country with great enthusiasm.

Before the tightening of sanctions, US companies were indirectly trading with Iran through subsidiaries.

... Payvand News - 05/19/15 ... --

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