Iran says investors should not pass up oil investment

Big News Network.com Saturday 13th July, 2013

Iranian Oil Minister Rostam Qasemi has urged foreign oil traders and investors not to lose the opportunity of making investments in Iran's lucrative oil and gas industry.

At an international conference, hosted by the Munich Security Conference Foundation, he met with Iranian and German oil managers and economic activists to outline the potential for investors in the Islamic Republic's oil, gas and energy sectors.

"Although sanctions have created some problems for Iran, they have failed to stop the development of the nation's oil industry," he said.

Qasemi told the conference: "Despite the West's unjust sanctions, Iran's oil industry has followed its development trend well, and we are going to achieve complete self-sufficiency in various upstream, midstream and downstream industries by seizing the opportunities that the West's sanctions have created for us."

He called on foreign economic enterprises to seize the opportunity to become involved in various sectors of Iran's oil, gas and petrochemical industries.

At the beginning of 2012, the United States and the European Union imposed fresh sanctions on Iran's oil and financial sectors aimed at preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

The sanctions came into force in early summer 2012.

The sanctions were imposed based on accusations that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran has rejected the allegation, arguing that as a committed signatory to the Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.

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Source: http://www.bignewsnetwork.com/index.php/sid/215807307/scat/3a8a80d6f705f8cc

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