News ID: 150933
Published: 0754 GMT May 07, 2016

Foreign firms hugely invest in Iran’s oil, gas

Foreign firms hugely invest in Iran’s oil, gas

Spectacular presence of the foreign companies in Iran’s international oil and gas exhibition shows the companies’ enthusiasm for strengthening post-sanctions relations with Iranian firms as several agreements have been signed during the event which kicked off on Thursday.

Foreign companies’ interests to invest in Iran followed Tehran’s decision to modernize oil and gas production processes and increase its oil and gas output after it reached a nuclear deal with world powers last year.

Iran’s Oil Minister Bijan Zanganeh said on Saturday Iran’s daily production of oil and condensate has risen to 2.4 million barrels.

Since the lifting of sanctions in January under the nuclear agreement, Iran has been ramping out oil production to claw back lost market share. 

“During sanctions, exports of oil and gas condensates combined stood at 1.35 million barrels per day; those exports have now risen to 2.4 million barrels,” Zanganeh told the opening of the 21th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran.

A day earlier, another senior official said Iran had raised its oil production to the level it desired, indicating that the country was ready to join a possible output freeze proposed by key producers.


Italy sings contract


Italy’s association of vales and components, ValveCampus, on Friday signed a contract with the Society of Iranian Petroleum Industry Equipment Manufacturers (SIPIEM) on the advanced valves used in the oil industry.

The contract will let the Iranian firms have access to the cutting-edge technology for producing oil industry valves.

President of the Italian association invited Iranian producers to the Italian market and exchange of technologies, Shana reported.

Maurizio Brancaleoni underlined the vast potentialities for cooperation between Iranian and Italian companies, saying they can cooperate in production of items, exchange of technologies and training.

“Cooperation between Iran and Italy can lead to materialization of a unified standardization procedure in the world,” he added.


Cooperation with Poland


Also on Saturday, Poland’s Deputy Minister of Energy Michał Kurtyka met with Iran’s deputy of international affairs of Iran Chamber of Commerce Farhad Sharif in Tehran. 

The two sides highlighted the need for boosting energy interactions between the two countries.

Farhad Sharif underlined the longstanding relations between Tehran and Warsaw, saying that officials of the two countries are keen on boosting trade relations in the fields of oil, gas, nuclear energy and renewable energies.

The 21st Iran International Exhibition of Oil, Gas, Refining and Petrochemicals will run through May 8 at Tehran’s permanent fairgrounds. Nearly 2,000 exhibiting companies from 38 countries have put their latest oil and gas achievements on public display at the showcase. 












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