News ID: 237596
Published: 0356 GMT January 19, 2019

KEPCO CEO: Iran welcomes foreigners in developing Caspian oil industry

KEPCO CEO: Iran welcomes foreigners in developing Caspian oil industry

Capable foreign companies are welcome to develop Iran's oil industry in the Caspian Sea, said the managing director of Khazar Exploration and Production Company (KEPCO) on Saturday.

Ali Osouli added, "However, we will not wait long for them," IRNA reported.

Better results will be achieved in case major foreign companies participate in the implementation of projects to develop Caspian Sea oil industry, he said.

KEPCO CEO added, "Nevertheless, we will not wait long for them and will go ahead with the projects by relying on domestic capabilities."

He said following the signing of the Joint Comprehensive Plan of Action (JCPOA) between Iran and P5+1 in July 2015, extensive meetings were held with a large number of leading foreign companies involved in deepwater drilling and a number of MoUs were signed.

"However, if they refrain from cooperating in the [Caspian Sea] projects, we will continue our activities by relying on domestic capabilities."

Describing the attitude of previous Iranian officials towards the Caspian Sea as mainly political and security-based, he said at present, particularly following the discovery of Sardar-e Jangal oil and gas field by KEPCO in the Caspian Sea, they pursue a more politico-economic approach toward the world's largest lake.

   
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