1 November 2015 - 14:43
  • News ID: 249321

British Business Delegation in Tehran

British Business Delegation in Tehran

TEHRAN Nov. 1 (Shana) – A high-profile business delegation from the UK met with Iranian petroleum officials to discuss future cooperation in oil and gas projects in Iran in the post-sanction setting.

Executives and representatives from British oil and gas heavyweights including British Petroleum (BP), KCA Deutag and Petrofac, headed by Francis Maude, the UK trade and investment minister, met with Amir-Hossein Zamani-Nia, Iran's deputy minister for international affairs and trading, on Sunday to discuss oil and gas cooperation after the sanctions removals as per Iran's nuclear deal with the P5+1 group of countries which was struck on July 14 in Austria's Vienna. 

During the meeting, Zamani-nia underscored an upcoming conference in Tehran for introduction of Iran's new oil contract model, which is known as Iran Petroleum Contract (IPC) in November.

"During the Tehran conference, 50 oil and gas projects will be presented to [potential] investors," he said. 

Another conference for presenting and introducing IPC and Iran's future oil and gas projects will be held in February 2016, the Iranian official added during the meeting, held at Iran's Ministry of Petroleum. 

"The new oil contract model will ease foreign investments in Iran," he added. 

Reflecting the vast opportunities afforded by Iran's oil resources, Maude pointed to the readiness of British investors to enter into Iran's oil and gas industry, saying that the British companies attending the meeting have long-term plans to join Iran's oil projects but must be assured that investment mechanisms for ensuring the safety of their capitals will be put in place in Iran. 

This is the largest representation from the British energy sector in Iran ever since the Joint Comprehensive Plan of Action was agreed by Iran and nuclear negotiators from the P5+1 group of countries.  

French, German, Japanese and Italian ministers, and the European Union's foreign policy chief, to name a few, have also held talks with Iranian counterparts in recent months.

News ID 249321

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