07-23-2015, 11:18 AM
Thu Jul 23, 2015 5:41am EDT
By Shadia Nasralla and Maria Sheahan
VIENNA (Reuters) -
Iran outlined plans on Thursday for the rebuilding of its core industries and trade links in the wake of a nuclear agreement with world powers, saying it was targeting oil and gas projects worth $185 billion by 2020.
Iran's Minister of Industry, Mines and Trade
Mohammad Reza Nematzadeh said the Islamic Republic would focus on its oil and gas, metals and car industries with an eye to exporting to Europe after sanctions have been lifted.
"We are looking for a two-way trade as well as
cooperation in development, design and
engineering," Nematzadeh told a conference in Vienna. "We are no longer interested in a unidirectional importation of goods and machinery from Europe," he said.
The United Nations Security Council on Monday endorsed a deal to end years of economic sanctions on Iran in return for curbs on its nuclear program. S
anctions are unlikely to be removed until next
year, diplomats say, as the deal requires
approval by the U.S. Congress. Nuclear
inspectors must also confirm that Iran is
complying with the terms of the deal.
But many European companies have already
signaled interest in reestablishing business in
Iran. Iran's deputy oil minister for commerce and international affairs, Hossein Zamaninia, said Tehran had identified nearly 50 oil and gas projects worth $185 billion that it hoped to sign by 2020.
In preparation for negotiations with possible
foreign partners, Zamaninia said Iran had
defined a new model contract which it calls its
integrated petroleum contract (IPC).
"This model contract addresses some of the
deficiencies of the old buyback contract and it
further aligns the short- and long-term interests of parties involved," he said. He said Iran would introduce the oil and gas projects it has identified and the new contract in
international markets later this year.
Deputy Economy Minister Mohammad Khazaei
said Iran had already completed negotiations
with some European companies wanting to
invest in the country.
"We are recently witnessing the return of European investors to the country. Some of these negotiations have concluded, and we have approved and granted them the foreign investment licences and protections," Khazaei
told the conference. "Even in the past couple of weeks we have approved more than $2 billion of projects in Iran by European companies," he said, without naming the firms or providing further details.
Nematzadeh said Iran aimed to join the World
Trade Organization once political obstacles
were removed and would be interested in
preferred trade deals with Europe and central
Asian countries.
(Writing by Christopher Johnson; editing by
Jason Neely)
By Shadia Nasralla and Maria Sheahan
VIENNA (Reuters) -
Iran outlined plans on Thursday for the rebuilding of its core industries and trade links in the wake of a nuclear agreement with world powers, saying it was targeting oil and gas projects worth $185 billion by 2020.
Iran's Minister of Industry, Mines and Trade
Mohammad Reza Nematzadeh said the Islamic Republic would focus on its oil and gas, metals and car industries with an eye to exporting to Europe after sanctions have been lifted.
"We are looking for a two-way trade as well as
cooperation in development, design and
engineering," Nematzadeh told a conference in Vienna. "We are no longer interested in a unidirectional importation of goods and machinery from Europe," he said.
The United Nations Security Council on Monday endorsed a deal to end years of economic sanctions on Iran in return for curbs on its nuclear program. S
anctions are unlikely to be removed until next
year, diplomats say, as the deal requires
approval by the U.S. Congress. Nuclear
inspectors must also confirm that Iran is
complying with the terms of the deal.
But many European companies have already
signaled interest in reestablishing business in
Iran. Iran's deputy oil minister for commerce and international affairs, Hossein Zamaninia, said Tehran had identified nearly 50 oil and gas projects worth $185 billion that it hoped to sign by 2020.
In preparation for negotiations with possible
foreign partners, Zamaninia said Iran had
defined a new model contract which it calls its
integrated petroleum contract (IPC).
"This model contract addresses some of the
deficiencies of the old buyback contract and it
further aligns the short- and long-term interests of parties involved," he said. He said Iran would introduce the oil and gas projects it has identified and the new contract in
international markets later this year.
Deputy Economy Minister Mohammad Khazaei
said Iran had already completed negotiations
with some European companies wanting to
invest in the country.
"We are recently witnessing the return of European investors to the country. Some of these negotiations have concluded, and we have approved and granted them the foreign investment licences and protections," Khazaei
told the conference. "Even in the past couple of weeks we have approved more than $2 billion of projects in Iran by European companies," he said, without naming the firms or providing further details.
Nematzadeh said Iran aimed to join the World
Trade Organization once political obstacles
were removed and would be interested in
preferred trade deals with Europe and central
Asian countries.
(Writing by Christopher Johnson; editing by
Jason Neely)
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