There is no opposition or problem about the presence of the US companies in Iran’s oil sector, Zangeneh said on the sidelines of the conference on unveiling the new model for Iran’s oil contracts on Saturday.

‘The general atmosphere in the country plays an important role in attracting foreign investors,’ he said, adding that the volume of foreign investment absorption in Iran’s oil industry is related to the attractiveness of contracts and easing of the conditions.

The oil minister insisted that grounds should be provided for the foreign investors to engage in Iran’s oil sector.

‘There are many European and Asian countries interested in engaging in Iran’s oil industry,’ Zangeneh said.

‘In order to ensure they would maintain presence, negotiations should yield results,’ he said.