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US conglomerate General Electric sees opportunities in Iran

Source: Press TV

GE Oil and Gas, the US conglomerate General Electric’s oil division, says it sees opportunities in Iran as foreign firms are holding their breath for a lifting of sanctions to return to the country.

GE Oil and Gas says it sees it sees opportunities in Iran.

“We have been in Iran previously before the sanctions and as the sanctions get lifted, we will go back in and will provide assistance,” President and CEO of GE Oil and Gas Lorenzo Simonelli has said.

According to Western media speculations, oil and banking sanctions against Iran might be lifted by mid-January based on the pace at which the two sides are implementing a July nuclear accord.

Last month, US President Barack Obama directed his administration to take steps toward lifting sanctions on Iran in accordance with the nuclear agreement, marking “adoption day”.

Full relief will come on "implementation day" when the US could confirm that Iran has met its commitments under the so-called Joint Comprehensive Plan of Action (JCPOA), Obama said.

According to the latest quarterly report by the International Atomic Energy Agency (IAEA) released on Wednesday, Iran has begun dismantling parts of its nuclear program in accordance with the agreement.

Western observers said sanctions could be lifted by mid-January based on the pace at which some nuclear equipment is removed.

“I see the potential from an infrastructure perspective as the sanctions get lifted,” said Simonelli who is being cited as a potential candidate to succeed GE Chief Executive Jeff Immelt.

“We already have some installed base related to knowing the field and also having prior equipment there but we’ve got to wait for Iran to open up and sanctions are lifted,” he told the Dubai-based Gulf News.

Tehran is about to host executives of major energy companies this month to announce Iran's new oil and gas contracts. It is not clear yet whether any American companies will attend the event.

Iranian energy officials have said they would welcome U.S. companies and that American firms would face no limitations for investment and operation in the country.

... Payvand News - 11/22/15 ... --

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