Many interested to invest in Iran oil

Some countries have deprived themselves of investment in Iran’s oil and gas sector as they have ignored Iran’s key position in the sector, Iran’s Oil Minister says.

“The interest shown by hundreds of international firms from across the world to participate in Tehran’s International Oil and Gas Exhibition, proves the failure of those countries that have sanctioned themselves, ignoring Iran’s role in the energy sector,” Masoud Mirkazemi said in a message to the show.

He referred to Iran’s decision to draw $200 billion of investment in the country’s oil and gas sector, as a sign of Islamic Republic’s national determination, strength and solidity.

Earlier in March, Iran’s Oil Minister said that US-led sanctions against the country have failed as the country has managed to become self-sufficient in oil production and products.

He added that Iran has been confronting hostile sanctions for more than 30 years.

Masoud Mirkazemi said his country will have no problem with its oil requirements in the face of the West’s potential sanctions.

Iran’s 15th international exhibition of oil, gas & petrochemical industries and products is to open from Thursday in Tehran.