Iran: no limit for US firms in Iran’s oil sector

There is no limitation for US companies to invest in Iran’s oil and gas industry, Bijan Namdar Zanganeh, Iran’s oil minister said.

Actually the limitations were imposed by US government, not Iran, the minister said, Mehr news agency reported March 13.

He further said that the ministry is negotiating with German Siemens and the US General Electric over oil and gas cooperation.

Positive talks were held with the companies, Zanganeh said, adding new chapter of cooperation with the two European and American companies will be formed in Iran’s oil industry.

Last month the US multinational giant, General Electric announced that is in negotiations with Iran.

A company spokeswoman said GE is exploring potential business opportunities in Iran and the chief executive of its oil and gas division visited the country recently.

Zanganeh further said that Iran saw $70 per barrel as a suitable oil price, however would be satisfied with less.

He added that Tehran will boost its crude oil export to two million barrels per day in coming days.

The Iranian minister also said that no decision was made so far on holding an emergency OPEC meeting.

The meeting needs consensus, Zanganeh said, adding without general agreement, no emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) will be held.

He also said that considering the current condition the meeting will not be fruitful.

While responding to the question of whether Russian Energy Minister Alexander Novak would try to convince Iran to join the oil output freeze during a visit this week, Zanganeh said Iran will not join the freeze before increasing its output to four million barrels per day.

He added that Iran is ready to accompany with other oil producers on the issue after its production reaches the 4 mbpd level.

Tehran has rejected freezing its output at January levels which was agreed between some OPEC members and non-OPEC oil producers.

The Iranian officials say the oil freeze agreement is a measure against the Islamic Republic.

The Iranian government’s spokesman, Mohammad Bagher Nobakht said earlier that “the move means that they don’t want to recognize Iran’s right to revive its pre-sanctions output”.

The OPEC members should open space for the Islamic Republic’s output, he added.

CEO of the National Iranian Oil Company Roknoddin Javadi said March 9 that Iran’s oil export has reached 1.8 million barrels per day.

The country’s daily output should reach four mbpd next Iranian year (to start March 20), he said, stressing that Iran will continue to increase the export.

Source: Trend