Iran plans to offer oil and gas condensate to “any investor in exchange for either goods or capital investment” in the Islamic Republic’s sanctions-hit energy sector, the country’s oil minister said.
The ministry would welcome investment in both Iran’s upstream and downstream industries in exchange for oil or condensate, Javad Owji said in comments shown on state TV, without specifying whether the initiative is aimed at domestic or foreign buyers.
For the latest headlines, follow our Google News channel online or via the app.
The plans were presented to lawmakers on Sunday and are pending their approval, he said.
It’s unclear whether the plans rely on the ailing 2015 nuclear deal being restored and US sanctions on Iran being lifted.
Tehran’s oil exports are effectively embargoed by Washington and sales have plummeted since 2018, when then-President Donald Trump withdrew from the accord.
Negotiations to restart the nuclear deal have been stalled since June when Iran elected hardline cleric Ebrahim Raisi as its new president.
Owji said a global rise in oil demand bodes well for Iran and his ministry predicts energy demand will “increase day by day” as economies ease lockdown restrictions and recover from the pandemic.
Read more:
Iran power company warns of cuts due to illegal cryptocurrency mining
Iran stresses verification of sanctions relief a top issue in nuclear talks: FM
Iran FM ‘optimistic’ on nuclear talks if US plays ball
Also Read
-
Iran power company warns of cuts due to illegal cryptocurrency mining
Illegal cryptocurrency mining in Iran risks causing new power cuts this winter, the state electricity company warned Sunday.Iranian officials ... Technology -
Iran has 120 kilograms of 20 percent enriched uranium: Head of Atomic Agency
Iran has enriched more than 120 kilograms of 20-percent enriched uranium, the head of the Atomic Energy Organization of Iran, Mohammad Eslami, said on ... Middle East -
Iran stresses verification of sanctions relief a top issue in nuclear talks: FM
A main concern of Iran in any talks to rescue the 2015 nuclear deal would be around ways to verify the lifting of US sanctions, Iranian Foreign ... Middle East -
Iran FM ‘optimistic’ on nuclear talks if US plays ball
Iran is optimistic talks on reviving a landmark 2015 nuclear deal with major powers will bear fruit, provided the US fully resumes its commitments, ... Middle East -
Iranian foreign minister says Iran will continue to send fuel products to Lebanon
Iran will continue sending fuel products to Lebanon in the future and hopes an agreement will be struck between the two countries for that purpose, ... Middle East -
Iran must return to Vienna, nuclear talks ‘can’t be dragged out’: US State Department
“It is important for the parties to come back together … and resume where we left off. We continue to believe the diplomatic path is open,” Price said during a briefing. Middle East
