Iran says oil companies presenting proposals to invest in oil projects

Iran said on Saturday that it has received proposals from major international companies to invest in Iran’s oil industry.

Iran’s Deputy Petroleum Minister for International Affairs Hossein Zamani-Niya said that the Ministry of Petroleum is currently studying the proposals that he said had been submitted by “a certain number of companies as well as countries”.

Zamani-Niya further emphasized that the Ministry of Petroleum is prepared to regain its lost production share in OPEC once the sanctions on the country’s oil industry are removed in light of an emerging final comprehensive nuclear agreement between Iran and P5+1.

“Once the [final] Iran-P5+1 nuclear agreement is finalized, Iran is prepared to regain its lost OPEC production share within a short period of time in cooperation with other members of the Organization,” he said.