Hammond, who arrived in Tehran on Sunday morning to reopen the British embassy after a 4-year closure, met the Iranian oil minister to discuss ways for the return of British companies to Iran and investment in its energy industry.
The two officials voiced Tehran and London’s determination to boost economic ties, including in the oil trade, the British firms’ investment in Iran’s oil and gas industries, exchange of technology, cooperation in petrochemical industry as well as the joint production of liquefied gas.
During the meeting, Zanganeh provided details of the regulations for foreign investment in Iran’s oil and gas industries after termination of the anti-Iran sanctions.
He also urged that British companies attend Iran Oil and Gas Summit in London in September to be updated on the new investment opportunities in Iran and the latest models of oil and gas contracts with the energy-rich country.
Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion on a lasting nuclear agreement that would terminate all sanctions imposed on Tehran over its nuclear energy program after coming into force.
The promising prospect of trade with Iran has prompted many countries to explore the market potential in the populous Middle East nation.