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Foreign companies seek to invest in Iran oil terminals

25 April 2015 11:18


An Iranian petroleum official says a number of foreign companies have voiced readiness to invest in operational projects related to Iran’s oil terminals.

“We have received requests from some foreign companies for investment in services related to oil tanks and terminals, Pirouz Mousavi, managing director of the Iranian Oil Terminals Company was quoted as saying by Iran newspaper.
Mousavi said Iranian officials are reviewing the proposals.

Meanwhile, Mahdi Assali, Mehdi Asali Iran’s OPEC national representative said the country will retake its share in global oil markets once sanctions against the country are lifted.

“After the removal of sanctions, international trade and foreign investment in Iran’s oil and gas sector is expected to rise. This is synonymous with more crude output, “Asali noted.
Iranian officials have already announced that they have special plans for boosting oil exports after the US-engineered sanctions against Iran are lifted as part of a possible final nuclear deal between Tehran and the P 5+1 group of countries.

Iran’s current oil production is estimated to be around 2.7 mb/d of which about 1 million barrels are exported – as required by the current regime of sanctions.

Its major oil customers are China, India, Japan, South Korea and Turkey but the US and European sanctions are preventing international banks from transferring money to the Islamic Republic.

Iran holds the world’s fourth-largest proven crude oil reserves and the second-largest natural gas reserves.

Iran’s total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of recoverable oil. Heavy and extra-heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.

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