Iran Welcomes Foreign Investment in Oil, Gas Projects: Ministry
- March, 20, 2023 - 16:08
- Economy news
TEHRAN (Tasnim) - The Iranian Oil Ministry released a statement expressing its openness to receive offers for foreign investment in its oil and gas projects.
The announcement came after a senior official from Saudi Arabia announced their readiness to invest in Iranian development projects.
The Oil Ministry's statement did not mention any specific country or company but stated that any offer of investment would be welcomed in Tehran, particularly from the OPEC+ alliance of oil-producing nations.
The ministry also emphasized that any investment in Iranian oil and gas projects would contribute to global energy security as Iran possesses significant oil and gas reserves worldwide.
Iran is recognized as the third largest natural gas producer globally and remains a significant provider of crude oil in Asian markets.
Despite enduring US sanctions since 2018, Iran has remained resilient and continues to seek foreign investment. Saudi Arabia, as the largest oil exporter worldwide, is an essential member of the OPEC+ grouping, which has other crucial oil producers such as Russia.
Notably, earlier this month, political authorities from Iran and Saudi Arabia declared they would restore their diplomatic relations by reopening embassies that had been closed since 2016.