Limits on American companies presence in Iran due to Congress laws

EghtesadOnline: There is no restriction on talks with the US oil companies to cooperate with Iran in oil industry, said senior oil officials, stressing that the US Congress laws have made limitations on these companies presence in Iran.

News ID: ۷۳۵۶۵۶

08 August 2016

Amir Hossein Zamaninia, deputy petroleum minister for international affairs, made the remarks talking to IRNA Monday.

In recent months, many reputable European and Asian companies have entered into talks with Iran, but these talks have not been finalized, yet, said the official.

The talks have focused on cooperation and investment in different fields of oil industry including production, petrochemicals and exploration, he said.

'However, at this moment, we don't have any oil talks with the US companies,' Zamaninia said.

'The US companies, due to regulations of their own country, cannot be active in Iran,' he added.

The issue, he stressed, goes back to the preliminary sanctions imposed on Iran by the US Congress. Those sanctions are still working.

After announcement of 'Implementation Day' of the nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) on January 16, 2016, the international companies started serious talks with Iran on being active in the Iranian oil industry.

US oil companies are also interested in being present in Iran.

Representatives of the American corporation General Electric did travel to Iran a few months ago and held talks with Iran's oil officials, but the talks were futile.

The visiting General Electric officials were to sell equipment instead of making investment in Iran's oil industry, so Petroleum Ministry disagreed with that cooperation, Managing Director of National Iranian Oil Company (NIOC) Ali Kardor has announced.

Iran's Petroleum Ministry does not support presence of foreign companies which are seeking something other than investment, said the official.