Volume. 11904

Zanganeh to negotiate oil projects with international firms in Davos
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c_330_235_16777215_0___images_stories_edim_04_02(75).jpgTEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh, who has participated in the World Economic Forum in Davos, Switzerland, will negotiate with international firms to invest in Iran’s oil and gas projects.
Zanganeh said that he will meet with senior officials of big international oil and gas companies to outline the new situation after the implementation of the Geneva deal and invite them return to Iran’s oil market.
Iran and major powers agreed to start implementing the Geneva nuclear deal on January 20. 
Iran and the 5+1 group (the five permanent members of the UN Security Council plus Germany) signed an interim agreement over Tehran’s nuclear program in Geneva on November 24, 2013, according to which Iran agreed not to expand its nuclear program and to suspend its 20 percent uranium enrichment in return for a limited easing of the sanctions imposed on the country.   
On the sidelines of OPEC’s ministerial meeting in Vienna in early December 2013, Zanganeh said Tehran would like to see seven oil giants, including France’s Total, Royal Dutch Shell, Norway’s Statoil, Italy’s Eni and British Petroleum as well as U.S. Exxon and Conoco make investment in the Islamic Republic’s energy sector once the international sanctions are lifted.
"We will do anything necessary to get back Iran's share in the oil market," Zanganeh was quoted as saying by the Shana news agency in October 2013. "Contacts have been made [with foreign energy companies] to that effect and all of them are willing to return." 
Iran holds the world's third-largest proven oil reserves and the second-largest natural gas reserves, and plans to use foreign companies for various oil and gas related projects.
The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil.

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