Rebuilding: Iran eyes $185b oil, gas projects

Minister says the republic would focus on its oil and gas, metals and car industries with an eye to exporting to Europ


Reuters July 24, 2015
Minister says the republic would focus on its oil and gas, metals and car industries with an eye to exporting to Europe. PHOTO: AFP/FILE

VIENNA: Iran outlined plans on Thursday for the rebuilding of its core industries and trade links in the wake of a nuclear agreement with world powers, saying it was targeting oil and gas projects worth $185 billion by 2020.

Iran’s Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh said the Islamic republic would focus on its oil and gas, metals and car industries with an eye on exports to Europe after sanctions have been lifted.

“We are looking for a two-way trade as well as cooperation in development, design and engineering,” Nematzadeh told a conference in Vienna. “We are no longer interested in a unidirectional importation of goods and machinery from Europe.”

Sanctions are unlikely to be removed until next year, diplomats say, as the deal requires approval of the US Congress. Nuclear inspectors must also confirm that Iran is complying with the terms of the deal.

But many European companies have already signalled interest in re-establishing business in Iran.

Iran’s Deputy Oil Minister for Commerce and International Affairs Hossein Zamaninia said Tehran had identified nearly 50 oil and gas projects worth $185 billion that it hoped to sign by 2020. 


Published in The Express Tribune, July 24th,  2015.

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