Iran welcomes foreign companies to its oil industry

July 31, 2007 - 0:0

TEHRAN (PIN) – Presence of foreign companies in the Iranian oil industry is necessary for attraction of foreign direct investment and technology transfer.

Chairman of Majlis Economic Committee Kamal Daneshyar told Petroenergy Information Network that Iran welcomes the companies which are ready to invest in its oil industry and help technology transfer at the time of hardship and will consider special privileges for them.
He noted that presence of foreign companies should be encouraged in parallel to enhanced participation of national companies and domestic manufacturers, adding, “Foreign companies should give the priority to taking advantage of domestic specialists and workers and should comply with domestic laws which requires them to make the most of Iranian industries and manufacturers.”
The MP stated that the French Total Company is more than willing to invest in the Iranian oil industry.
“Apparently the most important obstacle on the way of presence of Total in the Iranian oil industry is heavy bureaucratic formalities inside the country and U.S. sanctions against Iran are not very important,” he said