ILNA: U.S. companies will welcome investment in Iran’s oil sector if the international sanctions against the country are lifted, Iranian deputy oil minister Ali Majedi said.


U.S. companies are more cautious than their European rivals to reenter the Iranian oil market. However, they will welcome any opportunity to participate in Iran’s oil and gas projects once the political situation is improved, Majedi said.

Although U.S. companies have frequently announced willingness to come back to Iran, but no formal negotiations have been conducted so far, he noted.

Iran’s oil industry will be heading forward with or without sanctions, Iranian Oil Minister Bijan Namdar Zanganeh said before..

The sanctions have not hindered the trend of progress of Iran’s oil industry, he said, adding that the new model of contracts will help the country circumvent the sanctions.

By ILNA

 

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