TEHRAN- Iranian Oil Minister Bijan Namdar Zanganeh and Austrian oil and gas group OMV's Chief Executive Officer Rainer Seele, met in Tehran on Monday to explore ways for expansion of bilateral ties, according to the Shana News Agency.

“Iran is a big opportunity for OMV,” Seele told Reuters on August 12.

He said Iran needs to offer better incentives to lure foreign energy companies forced by low oil prices to slash investments.

“If we get active in Iran in the future, this would compete with other opportunities at a time of limited investment volumes which we face in this phase of low oil prices,"" he added.

In April 2007, OMV signed a Memorandum of Understanding (MOU) with the National Iranian Oil Company that envisaged OMV participating in Phase 12 of Iran’s South Pars gas field and in a plant that would liquefy the field's gas for export in LNG tankers.

However, the project was stalled following pressure from the U.S. and European governments over Iran’s nuclear program.

Global energy companies are showing interest in a post-sanctions Iran, though most have said they’re waiting on the wings.

Several trade and economic delegations from different countries have recently visited Iran considering their options in an eventual post-sanctions climate.

MA/