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Iran urges IOCs to return to country’s oil sector

: Thursday, February 06 - 2014 @ 08:00

Iranian deputy oil minister, Ali Majedi has urged foreign companies to return to the country’s oil sector, as a major French business delegation visited Tehran in the hope Western sanctions may soon be lifted, AFP has reported. Iran’s latest five-year plan, running from 2010-2015, calls for $230bn of investment in its petroleum industry, of which $150bn would go to upstream activities, Majedi told the delegation. The French delegation is the largest of its kind from Europe since the signing of a landmark nuclear deal in November, under which Iran is to scale back its nuclear activities for limited sanctions relief.

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Thursday, February 6- 2014 @ 8:00 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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