News / Energy

‘Iran to get central point for energy projects after sanctions lifted’

Monday, 25 May 2015 6:42 PM [ Last Update: Monday, 25 May 2015 6:44 PM ]

Amir Hossein Zamaninia, Iran's deputy petroleum minister

Iran’s deputy petroleum minister says his country has planned massive investment in oil and gas projects during post-sanction era.

Amir Hossein Zamaninia pointed to Iran’s plans for massive investment in energy sector saying the petroleum ministry seeks to spend USD200 billion within the coming six years.

Iran will become the central point for gas and oil projects in the world after the sanctions over Tehran’s nuclear program are totally lifted, he said.

"If the sanctions are lifted, Iran will turn into a central point for oil and gas projects,” Zamaninia was quoted as saying by the Iranian media.

The Iranian official also expressed the hope that the international sanctions against Iran would be removed within 6 months if Tehran and the group P 5+1 sign a nuclear by June 30.

Iran and the P5+1 group - the United States, Britain, France, Russia and China plus Germany - wrapped up their latest round of talks in Vienna on May 22 in another effort to narrow the remaining differences and pave the way for a possible final nuclear deal.

The two sides are currently working to reach a final accord on Iran’s nuclear program by the end of June.

They reached a mutual understanding on the parameters of the Joint Comprehensive Plan of Action (JCPOA) – as the potential comprehensive agreement on the Islamic Republic’s nuclear program is called – in the Swiss city of Lausanne on April 2.

Iranian President Hassan Rouhani (R) walking with Petroleum Minister Bijan Namdar Zanageneh (L) at phase 12 of the South Pars gas field facilities in the southern Iranian port of Assaluyeh on March 17, 2015.

Zamaninia said the Iranian petroleum officials have already held talks with their counterparts from several countries including Germany, Italy, France, Austria, and Brazil over the presence of foreign oil giants in Iran during the post-sanction era.

Iran’s current oil production is estimated to be around 2.7 million barrels per day but officials have already emphasized that the country would increase production by an extra 1 million barrels per day after sanctions are lifted.

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