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Iran Solicits U.S. Firms to Enter Iranian’s Energy Market

Wants transfer of U.S. technology

Oil pumps in the Persian Gulf / AP
October 2, 2015

Iranian oil officials are inviting U.S. companies to invest in Iran’s oil and energy sectors due to the removal of international sanctions under the recently inked nuclear accord, according to regional reports.

The Iranians are hoping the prominent U.S. firms will compete with foreign companies to secure lucrative contracts with Iran’s state-controlled oil and energy sectors, according to the report.

"We welcome all oil companies, including the Americans, that meet the Islamic Republic's requirements to invest in Iran," Iranian Deputy Oil Minister Rokneddin Javadi was quoted as saying on Friday by Iran’s Fars News Agency. "We welcome competition among foreign oil companies."

U.S. companies will be permitted to partner in Iran’s energy projects as a result of the nuclear accord, according to Javadi.

As the Obama administration prepares to fully waive sanctions on Iranian entities and military branches, Congress is pushing legislation to block this effort. The bill, which was recently approved by the House and is being considered in the Senate, would block sanctions relief until American victims of Iranian terrorism are paid restitution totaling around $43.5 billion.

Iranian President Hassan Rouhani has sought to pave the way for American entry into Iran by meeting earlier this year with CEOs and leaders of several American companies, according to Fars.

Iran "has put no restrictions on the presence and investment of the U.S. firms in Iran," according to the report.

Rouhani lauded the new "post sanction" environment in Iran during his speech before the United Nations this week.

"The post-sanction atmosphere has created new economic and political conditions which should be used by major trade, economic and industrial firms," Rouhani said before the international body.

"Tehran doesn’t [and] has not impeded the presence of the U.S. firms, and these companies can also use the competitive atmosphere resulted from the post-sanction conditions for investment and transferring technology to Iran," he added.

Published under: Iran , Oil , Sanctions