BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Iran to approach big international oil firms for talks

Bunker Fuel | Electric Power | LNG | Crude Oil | Steel | Tankers

Market Movers Europe, Jun 17–21: Tensions rise in Middle East; Mozambique LNG decision expected

Oil | Refined Products | Fuel Oil | Shipping | Dry Freight | Marine Fuels | Tankers

Mediterranean Bunker Fuel Conference, 8th Annual

Oil | Crude Oil | Refined Products

La refinería de Curazao, cerca de quebrar por la falta de crudo de PDVSA

Iran to approach big international oil firms for talks

Highlights

Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports

Supply and demand trends, government actions, exploration and technology

Daily futures summary

Weekly API statistics, and much more

Iran's new administration is set to invite international companies for talks as it looks to mitigate the effects of Western sanctions that have damaged the country's energy sector, a senior oil ministry official in charge of international affairs was reported as saying Monday.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

"Given the establishment of the new government and the positions taken by the President [Hassan Rowhani], our approach towards the international arena has majorly changed," Mansour Moazami, caretaker deputy minister for international and commercial affairs, was quoted as saying by oil ministry news service Shana.

The moderate cleric Rowhani, who set up his cabinet August 15, was elected Iran's president in mid-June based on a promise of reviving Tehran's relations with the West, whose companies have abandoned Iran's oil and gas projects to avoid punitive measures under the international sanctions introduced against the country because of its controversial nuclear program.


"We are making efforts to expand cooperation and negotiations on an international level in order to use global possibilities maximally," said Moazami, who was appointed to the post last Tuesday as part of the first set of management changes under the administration of oil minister Bijan Zanganeh.

The sanctions have tightened Iran's access to its oil incomes as well as advanced technology. Thus, the country has been relying on own resources, which have not been able to make up for the absence of companies such as Shell, Total, Spain's Repsol, Japan's Inpex, Russia's Gazprom, Malaysia's Petronas, Austria's OMV, Norway's Statoil and many more that had deals and agreements with Iran to develop its untapped hydrocarbon reserves.

The appearance of these big names coincided with Zanganeh's former stint as Iran's oil minister (1997-2005) under the reformist president Mohammad Khatami. Zanganeh, under whom billions of dollars in foreign investment was secured, has put on Iran's agenda the adoption of an "oil diplomacy" to boost the OPEC producer's crude production and sales in the face of the sanctions.

Moazami said the oil ministry "should welcome the companies that were cooperating with us in the past."

"Therefore, reputable international companies will be invited for talks and investment in Iran's oil industry with preservation of the two sides' interests," he said.

The oil ministry official criticized the sanctions as "the worst, the most unfair and shameless ones in their own type."

"They [the sanctions] have caused problems for Iranian people and at the same time our [foreign] partners were troubled as well," Moazami said.

"We are trying to lower the effects of the sanctions," he stressed.

--Aresu Eqbali, newsdesk@platts.com
--Edited by Alisdair Bowles, alisdair.bowles@platts.com