Introduction of Iranian Companies Partnering with Foreign Investors in the Energy Sector

The Deputy of the National Iranian Oil Company confirmed that five Iranian companies have been introduced as partners for foreign investors in Iran's energy sector. However, the final list of these companies is not yet ready. Gholamreza Manouchehri, the Deputy of the National Iranian Oil Company, stated in an interview with the British newspaper Financial Times that three government-supported companies, namely PetroIran, Petropars, and Mapna, are among these companies, but he added that the final list is still being completed. The list announced by Mr. Manouchehri also includes companies Dana Energy, Jahan Pars, and Petro Ghar, but this list has not yet been confirmed by the Ministry of Oil. This report, published on Friday, July 4, states that major Western companies such as British Petroleum, Total France, and Eni Italy are waiting for the announcement of their Iranian partners' names to invest in the oil and gas projects of this OPEC member after years of sanctions against Iran. Many sanctions against Tehran were lifted following last year's agreement with world powers over the nuclear program known as the JCPOA. Now, Iran, which holds the fourth-largest oil reserves and the largest gas reserves in the world, is seeking to attract foreign investors, but it has not yet announced its new contract model. Since January, Iran has nearly doubled its oil exports, reaching over two million barrels per day, and aims to increase its production by at least 600,000 barrels per day over the next five years by attracting about $200 billion in foreign investment. Bijan Zanganeh, Iran's Minister of Oil, stated on Sunday that Iran, which was once the second-largest producer in OPEC, will sign its first contract with a foreign company in the next three months after the sanctions. The latest Financial Times report adds that, despite the nuclear agreement, major American energy companies, including ExxonMobil and Chevron, must wait longer than others, as Washington's sanctions against American companies trading with Iran, except for a few cases such as airlines, still remain in place. According to Iranian media reports, Petropars, another state-owned company, has signed a memorandum of understanding with a German company and is negotiating with major Western companies. Mapna is also a group of companies investing in energy and infrastructure. In March, Mapna signed an agreement with Siemens under which the German company will build two gas turbines for a power plant in the city of Bandar Abbas in southern Iran.