TEHRAN (Mehr News Agency) – Many of the American companies are eagerly alert to invest in Iran’s oil industry as soon as the U.S. sanctions against the oil-rich country are lifted.

An Iranian professor of London University, Ali Garanmayeh, said here on Friday that, while Iran is seeking for huge investment in its oil projects, foreign companies including some U.S. giants are eagerly tarrying to get shares of the projects. “In order to reach 7 million bpd by 2020, Iran has to attract large foreign investments.”

The problem, however, is that these companies do not feel secure investing in Iran, he added. The government should soon guarantee foreign investors so that they feel secure putting their funds in Iranian projects, he stressed.

About Iran’s intention to increase its OPEC production quota, some experts suggest structural changes in the organization.

“Some believe that Iran’s current production capacity may not be practically increased unless it collects immense funds from abroad,” Garanmayeh stated. The Iranian professor also said that, in order for Iran to maintain its current production rate, it should at least invest $5 million in oil industry next year “for most of the oil wells in Iran are nearly out of use.”

“In a short while, Iraq may not affect the global oil market,” Garanmayeh stated, saying they too need great investments to develop their oil industry. “In a long-term view, however, OPEC would be obliged to reassess production quota levels by the time Iraq attains a five million bpd rate,” he concluded. ER/IS END