Iran expects major foreign oil investments

Jan. 30, 2014 at 8:54 AM

TEHRAN, Jan. 30 (UPI) -- An Iranian director of international investment said as much as $200 billion in foreign investments may be headed to the nation's oil sector.

Mohammad Mazraati, an investment director at the National Development Fund of Iran, told an investment conference in Tehran the attitude of investors has changed in recent months. He told delegates Wednesday the Iranian oil industry has the potential to attract billions of dollars in new foreign investments because of concessions with the West, the official Islamic Republic News Agency reported.

The European Union last week lifted restrictions on insurance and transport of Iranian crude oil. The decision was made in response to Iran's decision to suspend some nuclear research activity according to the terms of an interim deal reached last year with Western powers.

Some of Iran's oil ambitions are still curtailed by sanctions. The U.S. government said it would hold off on new sanctions, but continue to enforce those on the books.

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