Iran welcomes investments by energy giants

Iran’s Oil Minister Bijan Namdar Zanganeh has named seven oil giants which Tehran would like to see make investment in the Islamic Republic’s energy sector once US-led sanctions are lifted.

Zanganeh, who was speaking to reporters in Vienna on Wednesday, named France’s Total, Royal Dutch Shell, Norway’s Statoil, Italy’s Eni, British Petroleum as well as US Exxon and Conoco.

“We had no limitations for US companies. Twenty years ago there were limitations against them from their own administration. For doing projects in Iran, we have no limitations,” Zanganeh said on the sidelines of a ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC).

On November 24, Iran and the five permanent members of the United Nations Security Council — the United States, Russia, France, China, and Britain — plus Germany sealed an agreement to lay the groundwork for the full resolution of the West’s decade-old dispute with Iran over its nuclear energy program.

In exchange for Tehran’s confidence-building measure to limit certain aspects of its nuclear activities, the Sextet agreed to lift some of the existing sanctions against the Islamic Republic.

In October, Total said it is waiting for US-led sanctions against Iran to be lifted in order to resume operations in Iran.

“Today there is an embargo. This embargo is valid for everybody and we will wait for this embargo to be lifted,” Total Chief Executive Christophe de Margerie said.

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

By Press TV


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