Zanganeh: Doors Are Open for American Companies

Iran's Oil Minister Bijan Zanganeh stated that American companies have not received a green light from their government, but the doors are open for them to work in Iran's oil industry. In response to a question regarding Supreme Leader Ali Khamenei's announcement that there would be no economic cooperation with Americans, Zanganeh said that the interpretation of this statement is incorrect and that Iran has no problem with American companies wishing to engage in the oil sector. Khamenei had warned that negotiations with the U.S. would open pathways for infiltration into Iran's economic, cultural, political, and security domains. Currently, American oil companies are still barred from investing in Iran due to a law passed in 1995. Zanganeh reiterated that there are no restrictions on cooperation with American companies. On October 26, U.S. President Barack Obama instructed his government to lift sanctions against Iran on the day the nuclear agreement is implemented. Zanganeh also warned foreign companies against seeking corrupt intermediaries to enter Iran, emphasizing that post-sanction transactions must be transparent. He expressed disdain for corrupt individuals who exploit the situation. Zanganeh's remarks come after reports of the conviction of several former Iranian officials in the Karsent case. He urged companies to work directly with him and his oil managers to avoid the pitfalls of corruption. He noted that the nuclear sanctions imposed by the U.S. and the EU have been lifted under the JCPOA agreement, and it is expected that the lifting of sanctions will be operational within two months. He announced that new investment contracts in Iran's oil industry would be unveiled at a conference in Tehran next month, with Iran aiming to attract $185 billion in investments through a new type of oil contract. Zanganeh highlighted the importance of technology transfer and increasing recovery rates in hydrocarbon reservoirs as a priority.