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Oil Minister Invites Foreign Investors to Join Energy Sector

Oil Minister Invites Foreign Investors to Join Energy Sector
(Sunday, May 28, 2023) 23:28

TEHRAN (NIPNA) – Iranian Minister of Petroleum Javad Owji said on Saturday that Iran had prepared very good conditions to attract foreign investment in its oil, gas and petrochemical sector, which had achieved significant successes despite U.S. sanctions.


Javad Owji told a meeting of Iran’s representatives abroad that Iran’s petrochemical industry had earned $14 billion from exports last year and that it had become self-sufficient in producing most of the catalysts it needed.

He said Iran’s oil and gas industry needed investment for development and that it had offered a new model of contracts that would be appealing and sweet for investors.

“I believe there is no project for investors sweeter than investing in the oil, gas and petrochemical industry today,” he said.

He also highlighted Iran’s achievements in energy diplomacy, saying it had managed to increase its crude oil and gas condensate exports and clear its floating storage.

He said Iran had also signed good contracts for investment, some of which involved foreign capital.

He praised the role of domestic manufacturers and knowledge-based companies in supplying equipment and providing solutions for the oil and gas industry.

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