Iran Eyes over $50bln Worth of Oil Contracts

Iran Eyes over $50bln Worth of Oil Contracts

TEHRAN (Tasnim) – Iranian Oil Minister Bijan Namdar Zanganeh said he would make efforts to pave the grounds for signing $50 to $60 billion worth of oil and gas contracts with foreign companies by the end of the current Iranian year (March 20, 2018).

Speaking to the Islamic Republic of Iran Broadcasting (IRIB) on Sunday night, Zanganeh, who won the vote of confidence from lawmakers earlier in the day, highlighted his ministry’s plans for attracting foreign investments in oil and gas sectors in his new term in office.

Zanganeh said he has submitted his general plans for the next four years to the parliament, adding that in the first step, he would pursue the short-term plans.

“We are trying to provide (the required conditions for signing) $50 to $60 billion worth of contracts this year,” he stated.

The oil minister further pointed to the positive international atmosphere created after the 2015 nuclear deal between Iran and six world powers, known as the Joint Comprehensive Plan of Action (JCPOA), and said, “We should protect and maintain the international atmosphere.”

There has been a new wave of interest in ties with Iran after Tehran and the Group 5+1 (Russia, China, the US, Britain, France, and Germany) on July 14, 2015 reached a conclusion over the text of the comprehensive 159-page deal on Tehran's nuclear program and started implementing it on January 16, 2016.

The JCPOA terminated all nuclear-related sanctions imposed on Iran.

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