Iran begins talks with 3 oil giants

TEHRAN, Jan. 13 (MNA) – Despite the sanctions remaining in place for oil and gas, Iran began a new round of talks with three oil and gas giants in Japan and South Korea.

Warning on the collapse in world oil prices, NIOC Managing Director Roknoddin Javadi declared that domestic sources of oil company has fallen by half due to reductions in the price of black gold making the financing of oil projects difficult this year.

Accordingly, Iran’s oil, gas and petrochemical industries have also relied on direct investment on international oil and gas companies in addition to finance sources in order to execute new development projects.

Moreover, despite the sanctions remaining in place for oil, gas and petrochemical industries along with the expansion of nuclear talks between Iran and 5+1, three big gas and oil industries in Japan and South Korea recently held talks with Iranian oil and gas officials to invest and participate in the project.

The main focus of the negotiations with the three Asian companies is the investment for design, manufacturing, installation and commissioning of gas pipelines and refineries in the country.

Approving the negotiations with three oil and gas companies in South Korea and Japan, Head of Investment Committee of National Iranian Gas Co. (NIGC) Mohammad-Asghar Soheilipour said Japanese Mitsubishi Engineering and Energy Co. and South Korea's two top technology firms, Samsung and LG, began negotiations with Iranian Gas Company in the field of building refineries and pipelines.

Emphasizing that that negotiations are ongoing with international companies, Soheilipour said some Japanese and Italian companies are among foreign companies willing to cooperate with Iran even before sanctions are lifted.

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News Code 105499

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