Japan’s plant-engineering giant JGC keen to return to Iran

May 24, 2016

TEHRAN - JGC, Japan's leading plant builder, is looking at ways to get back to Iran’s potentially lucrative market, IRNA reported on Monday.

According to the report, in an interview with Nikkei, Yoshihiro Shigehisa, JGC group's chairman emeritus, stated that post-sanctions era is a great opportunity to return to Iran’s big and promising market.
“Iran has one of the largest populations in the Middle East, with nearly 80 million people. It has said it will raise its crude oil output in two stages, by one million barrels a day” Yoshihiro added.
He also noted that Iran has a great potential for oil refineries and petrochemical plants and JGC hopes to strike some deals by the end of this year.
Shigehisa further stated that there were some obstacles to Iran-Japan trade cooperation due to the sanctions but with the sanctions lifted new windows have been opened and there are opportunities for Japanese businesses to resume cooperation with the country.
“We want to invest in ways that will help the country to develop. We may also consider investing in hospitals and agriculture, along with power plants,” he added.
It is worth noting that the volume of trade between Iran and Japan in 2014 shadowed by sanctions against Tehran was less than $250 million and Tehran also accounted for 10 percent of Japan’s oil imports before sanctions cut them to five percent.


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