Iran calls for foreign, domestic investment in oil, gas industry

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Iran encourages foreign and domestic investments in oil and gas industry, the Managing Director of Iran’s Petrochemical Industry Investment Company (PIIC Group) Fereidoun Fadaei Dolat said on Friday.

Speaking to IRNA, he said that after removal of sanctions, Iran has prepared the ground for joint venture investments of the European oil majors.

Tehran accepts joint venture investments with companies that propose lower prices for transfer of more advanced technologies to Iran, the official said.

He noted that Iran has negotiated with Chinese and Indian companies for joint venture investments before the sanctions era and after the nuclear deal, the European companies including Belgians and Italians also showed interest.

Several European companies have declared interest in financing and transfer of technology to Iran, Fadaei Dolat said.

Asked about Iran’s export destinations, he named Iraq, Turkey, Tajikistan, Afghanistan and littoral states of Persian Gulf.

Iran welcomes presence of foreign and domestic investors in downstream and upstream oil and gas industry, the official said.

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