Official Underlines Iran’s Good Conditions for Investment
TEHRAN (Tasnim) – Iranian Deputy Oil Minister for International Affairs Amir Hossein Zamaninia highlighted the country’s exceptional political stability among regional states, and gave assurance to foreign investors that the anti-Iran sanctions due to be lifted soon will not be re-imposed.
Addressing the first panel of Tehran Conference held in the Iranian capital on Saturday to unveil Iran’s new oil contract model (Iran Petroleum Contract or IPC), Zamaninia stressed that Iran, among all Middle Eastern countries, enjoys good political stability.
Assuring foreign investors of the country’s security and stability, the Iranian minister also noted that a committee has been formed in Iran to counter administrative and economic corruption.
He went on to say that Iran provides a good opportunity for foreign investors thanks to its abundant capacities in the fields of oil and gas industry.
Iran has 9 percent of the world’s oil reserves and 18 percent of gas reserves, but the country’s shares in oil and gas production are three and five percent, respectively, he noted.
Zamaninia further pointed to the incentives provided for foreign investors, saying any foreign investment will be fully exempted from taxes.
Iran’s oil and gas plans are prepared in such a way that they are suitable not only for big international companies, but also for medium-sized and average ones, he added.
The Tehran Conference started work here in the capital earlier in the day to introduce a new model for oil contracts to be signed after the termination of anti-Iran sanctions.
The new model is aimed at encouraging foreign investors to cooperate in Iran’s oil and gas projects.
New oil contracts with foreign companies will be signed in the more attractive IPC framework.
Under the new formula, Iran will cede exploration, development and production operations on its oilfields exclusively to foreign contractors.
Such conferences are to provide the perfect platform to discuss Iran’s re-entry to the global energy arena.
Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion over the text of a comprehensive 159-page deal on Tehran’s nuclear program.
The comprehensive nuclear deal between Iran and the six powers would terminate all nuclear-related sanctions imposed on Iran after coming into force, and help the country return to the global market.
Experts believe that Iran’s economic growth would rise remarkably after the final nuclear deal takes effect.
