Iran invites Global firms

Energy projects:

IRAN: Global energy majors are welcome to help develop oil and gas projects in Iran despite new sanctions imposed on the Islamic republic, a top official told reporters on Monday.

“We welcome all international companies, eastern or western. The oil industry cannot be deprived of cooperation,” said Mohammad Hossein Mousavizadeh, adviser to Pars Oil and Gas Co, which is developing the giant South Pars fields in Gulf waters.

Several top global energy majors have either quit Iran or are considering an exit since world powers in June slapped new UN sanctions on Tehran over its controversial nuclear program. Mousavizadeh said the development of South Pars, which holds about eight percent of world gas reserves, was not affected as Iranian companies were replacing global firms or foreign firms were staying on as associates.

“The development of South Pars is a closed chapter. The contracts have been closed with big consortiums,” he told reporters after they were given a tour of phases 14, 15, 16, and 18. “These (Iranian) consortiums have foreign associates ... In the past, foreign companies came as leaders of consortiums such as (France’s) Total which was in charge of construction, technology and finance,” he said.

“But that model is over now,” Mousavizadeh said, indicating that Iranian companies were now leading the projects and sanctions were not affecting the development of South Pars.

“The sanctions are mainly for their companies not ours. We are not worried about sanctions in terms of technology. If we face any problem, we have to plan for it,” he said.

Assalouyeh, Tuesday, AFP