Iran is expecting billions of dollars of investments in its oil and natural gas sectors from foreign investors, the country's officials said on Monday, according to Iranian media.
Abbas Shari-Moqaddam, the managing director of Iran's National Petrochemical Company, said Monday his country is expecting €12 billion ($13.2 billion) from two German companies, which he did not name.
'Two leading German companies have indicated their interest to bankroll petrochemical projects for as much as €12 billion in Iran in the post-sanctions era,' he was quoted as saying by Iran's energy information network Shana.
Shari-Moqaddam, Iran's deputy petroleum minister in petrochemical affairs explained that foreign firms could not enter Iran due to sanctions on the country. He added that now however, 'the recent international developments have paved the way for their presence in Iran.'
He also stated that low oil prices would only have an indirect effect on Iran's petrochemical sector.
Due to low oil prices, the country is also trying to increase its focus on the petrochemical industry in order to diversify the revenues of its economy that will heavily depend on oil sales and exports in the post-sanctions era.
- Natural gas sector
Meanwhile, Hamid-Reza Araqi, the managing director of National Iranian Gas Company, said Sunday that Iran's gas industry has the capacity to attract $40 billion in investments once sanctions on the country are lifted.
'Through establishment of relations in the post-sanctions era, Iran can export gas to the neighboring countries without any problem,' he was quoted as saying by Shana.
Asserting that Iran has the potential to raise its gas exports from the current 80 million cubic meters per day to 300 million cubic meters a day, Araqi said 'Iran enjoys such advantages as the shortest route to gas markets, the world’s largest gas production capacity, has massive infrastructure to export gas to multiple destinations, and has the lowest investment costs.'
Araqi said his country would prefer foreign companies transferring their technology to Iranian firms as well.
By Ovunc Kutlu
Anadolu Agency
ovunc.kutlu@aa.com.tr