‘Oil giants keen to enter Iran market’

Iran’s oil minister says major world oil companies have voiced readiness to set up shop in the country.

According to Press TV, Bijan Namdar Zangeneh in Tehran after returning from Davos where he attended the conference said oil giants attending the World Economic Forum (WEF) in the Swiss city of Davos announced that they were interested to enter the Iranian market.

He said “Iran’s presence at the Davos meeting was very positive and the reaction of prominent international corporations attests to that.”

Zangeneh touched upon his meetings with high-ranking officials of oil companies at the WEF, and said, “These companies were interested in working in Iran and many of them arranged plans for talks.”

He also referred to the Oil Ministry’s plans to develop a new model for oil contracts, and noted that a committee was set up four months ago to examine the existing contracts and pinpoint the merits and demerits of the structure of buy-back deals.