Bloomberg's Perspective on Iranian Female Energy Consultant

As the countdown begins for the lifting of Western sanctions against Iran, many Iranian experts residing abroad who work in energy consulting firms or have established their own companies are becoming active in various economic and energy sectors in Iran. One of these individuals is Elham Hassan-Zadeh, a 31-year-old Iranian woman, mentioned in a Bloomberg report for her activities. She obtained her law doctorate from the UK and is the director of the consulting firm 'Energy Pioneers,' which has offices in Tehran and London. This company aims to attract foreign investors back to Iran's energy sector following the lifting of nuclear sanctions. Last year, Oxford University published Ms. Hassan-Zadeh's book on Iran's gas industry post-1979 revolution. She has also contributed to other Oxford publications, including a report from 2014 on ways to reduce Europe's dependence on Russian gas. In an interview with Bloomberg, Ms. Hassan-Zadeh dismisses the idea that Western investors will eagerly rush back into the Iranian market without considering the complexities involved. Bloomberg writes that 'with a deep knowledge of Iran's energy resources and by establishing close relationships with industry owners and government officials, as well as collaborating with major Western oil and legal firms, she has founded a company. Recently, she has been traveling between Iran and Europe to speak at business conferences and discuss her country's return to the market with oil company executives, investors, bankers, and lawyers.' Hassan-Zadeh believes that Western participation in oil and gas projects in Iran will take at least 18 to 24 months, if not longer. According to her, these companies do not trust the information Iran provides about its projects. Major banks and investors still require the green light from the U.S. Treasury Department to invest their money in Iran. Hassan-Zadeh states, 'For them, stability in Iran is still uncertain. It is unclear what will happen in the next two years if Rouhani is not re-elected.' Iran's expectation for attracting foreign investments comes at a time when oil prices have dropped from $108 in the first half of 2014 to around $30, and OPEC oil prices are hovering around $25. According to the International Energy Agency, global investment in the oil and gas sector has also decreased by about 20% over the past year. The U.S. Energy Information Administration also states that oil prices are expected to remain around $40 this year and $50 next year. In other words, in the next two years, oil prices will not even reach half of the figures that dominated global oil markets two years ago. Iran is striving to rebuild its energy industry in competition with Saudi Arabia in the Persian Gulf. Western companies have shown a strong desire to return after the Iran nuclear deal in the summer of 2015. Bijan Zanganeh, Iran's oil minister, called on over 300 foreign companies to invest in 50 oil exploration and development projects at a conference in Tehran in late November last year. Iran expects foreign companies to invest $30 billion in this sector alone over the next five years. Elham Hassan-Zadeh believes that for Western companies to engage in joint investments with Iranian partners under more balanced conditions, Iran must first establish an investment infrastructure based on the opinions of inspectors, lawyers, consultants, and courts that are trusted by foreigners. 'This requires time and also a commitment to the rule of law. Currently, Iran does not even have a reliable reference information system.' Bloomberg continues its report by stating that Ms. Hassan-Zadeh invites Western investors, who are as eager as Iranians to establish relationships, to be patient. A chapter of her book titled 'Iran's Gas Industry in the Post-Sanctions Era: Optimism, Pessimism, and Capability' details corruption in Iran and the need for legal reform. After obtaining her master's degree from Cambridge University, she was appointed as the youngest law lecturer at a university in Tehran at the age of 25. At that time, Mahmoud Ahmadinejad, the former president of Iran, was at the height of his power. Regarding the tension between Iran and Saudi Arabia, Hassan-Zadeh believes that this tension has not yet caused serious harm. She states that European companies are helping both sides. 'Many Iranian companies believe that after the sanctions are lifted, they will be able to access foreign financial resources for projects with risks similar to those from 15 years ago during Ahmadinejad's era.' Bloomberg writes that 'the projects of Hassan-Zadeh that have made the most progress include a massive gas refinery complex that is set to be the largest in the world. This complex, located on Siraf Island in the Persian Gulf, will consist of eight refineries built by eight private companies, each investing $350 million. The government will supply the necessary gas from the South Pars field and invest about $1 billion in infrastructure. Three of these eight companies have hired Hassan-Zadeh to find foreign partners.'