Iran to Facilitate Investment in Oil Sector

TEHRAN (Tasnim) – Efforts to review Iran's oil contracts to facilitate conditions for investment in oil industry are in final stages, a senior Iranian oil official announced on Saturday.

Iran to Facilitate Investment in Oil Sector

Speaking to Tasnim News Agency, Deputy Oil Minister for International and Commercial Affairs Ali Majedi said Iran will unveil new generation of oil contracts to attract foreign investments.

“The move to review the oil contracts was aimed at making them more attractive and facilitating the conditions for investments and a new generation of oil contracts will be unveiled to attract foreign investments,” Majedi said.

He further announced that the conference on new oil contracts due to be held in Tehran this March and a second conference in London this spring to introduce the new contracts, will seek grounds to attract big oil companies to Iran.

Earlier, Majedi had announced on February 5 that major French oil and gas companies, such as Total, Technip and Gaz de France, have expressed willingness to cooperate with Iran on energy projects.

Speaking to the Tasnim News Agency on Wednesday, the Iranian oil minister elaborated on the French companies’ plans to invest in Iran’s energy market.

This comes after a delegation of more than 100 French companies visited Tehran on Monday, in the biggest demonstration of western business interest in Iran following an easing of sanctions on the country.

The French business delegation, mainly from the European country’s car making, mining, industrial and commercial sectors, had also a meeting at Iran Chamber of Commerce, Industries, Mines and Agriculture earlier in the day.

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