Iran's new oil minister, Bijan Zanganeh, has ordered a review of oil contracts with foreign companies, as the pragmatist official takes his first steps to mitigate the crippling impact of international sanctions.
Iran's new oil minister, Bijan Zanganeh, has ordered a review of oil
contracts with foreign companies, as the pragmatist official takes his first
steps to mitigate the crippling impact of international sanctions.
The oil ministry's website Shana quoted Abdol-Mohammad Delparish, the planning
director of the National Iranian Oil Co., as saying Iranian expert committees
are currently studying the terms of contracts offered to foreign companies.
Despite holding the world's third-largest proven oil reserves and the
second-largest natural gas reserves,
Iran
has
been unable to develop its resources to their full potential due to
international sanctions related to its nuclear program. But foreign companies
also complain that a staunchly nationalist bureaucracy is an impediment to
investment.
However, the election of President Hasan Rouhani in June has heralded a shift
to a more moderate international stance in a bid to end
Iran
's
diplomatic isolation and improve the economy which has been badly affected by
tight international sanctions.
While sanctions remain in place, foreign oil companies will find it difficult
to answer any invitation to invest in
Iran
. Talks
between
Iran
and
the United Nations International Atomic Energy Agency are set to resume on
Sept. 27.
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