TEHRAN (FNA)- The Research Institute of Petroleum Industry (RIPI) is ready to establish new ties and restore its former relations with foreign countries in all sectors of the petroleum industry, the RIPI head said.

Hamid-Reza Katouzian said representatives of many western counties are expected to show up at the RIPI's upcoming international conference of technological opportunities in the oil and gas industry, and said the nuclear deal between Iran and world powers has paved the way for restoring positive cooperation between RIPI and foreign companies.

"RIPI can team up with foreign firms and carry out industrial projects by taking advantage of their technological savvy," the official said.

He underlined RIPI's massive research and scientific potentialities, saying that the center is prepared to maintain its relations and form fresh bonds with companies active in upstream, downstream and environmental sectors.

He said since the July 14 nuclear deal, RIPI's terms with foreign companies, especially European ones, has been improving.

On July 14, Iranian nuclear negotiators clinched a deal with the P5+1 based on which the country will limit its nuclear activities in exchange for the lifting on sanctions which have been bothering its economy for years.

By Fars News Agency