Sunday 22 June 2014

Iran Daily: Tehran Appeals for Return of International Oil Companies | EA WorldView

Iran Daily: Tehran Appeals for Return of International Oil Companies | EA WorldView:



"Oil Minister Bijan Namdar Zanganeh has again called for the return of international investment in Iran’s oil and gas sectors.



Zanganeh said on Saturday that Tehran is in ongoing negotiations over the resumption of operations by international firms.



The Islamic Republic’s development of energy projects has been crippled since 2010 by the withdrawal of leading companies from projects, including the giant South Pars oil and gas field. Iran lacks essential technology and equipment to carry out the development, and other countries have not been able to complete the work — last month, Tehran cancelled contracts with China’s leading firms because of failure to fulfil contracts signed in 2009.

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