Official: No need for foreign investors concern for sanctions

EghtesadOnline: Deputy Minister of Petroleum for International and Commerce Affairs Amir Hossein Zamaninia assured foreign investors that any possible upholding of anti-Iran sanctions would not influence the businesses already existing before.

News ID: ۷۷۵۶۸۵

23 April 2017

“After the new US president took office, foreign investors questioned investments,' Zamaninia said on sidelines of the 13th Iran’s International Petrochemical Industry Conference, adding that the uncertainty would be tentative, while Iran’s talks with foreign companies would go on and even would be accelerated, according to the Ministry website.

He also assured service and good providers that the loans related to the services would be refunded, according to the written contracts, in case of any potential snapback of sanctions, according to IRNA.

Pointing to 15 neighboring countries in need of natural gas, Zamaninia added that there were satisfactory capacity for investment and business promotion in Iran, given the country’s gas and oil reserves.

'Based on previous experience, transferring downstream industries to Iran from the leading countries is such a demanding task, and requires win-win conditions, benefiting both sides”, explained the Deputy Petroleum Minister.

He maintained that inexpensive feed, available infrastructure, human resources and political and law stability were among the factors making Iran attractive to foreign investors.

The Iranian official also declared that creating at least 100,000 direct jobs was a goal of the Ministry to be realized by the end of this year (Persian calendar), and said that the number is not a far-fetching one in the oil, gas and petrochemical industries.

He also declared that 150,000 indirect jobs also would be created as a result of implementing the industrial plans.

Iran’s 13th International Petrochemical Industry Conference April 22-23, attended by 385 local and 76 foreign companies kicked off on Saturday in IRIB International Conference Hall, Tehran.

Promoting cooperation, foreign and domestic investment, introducing domestic capabilities, new technologies and facilitation in receiving financial loans, and international insurance are declared as the main goals of the conference.