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Iran plans to court major oil companies if sanctions are lifted

Oct. 14, 2013 at 6:18 AM
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TEHRAN, Oct. 14 (UPI) -- International companies will be invited to participate in oil projects in Iran if Western economic sanctions on its energy sector are lifted, an official said.

Ali Majedi, a deputy petroleum minister in charge of international affairs, said oil diplomacy is on par with economic diplomacy for Iran.

"After lifting sanctions, we plan to start talks with giant oil companies, inviting them to take part in oil industry projects," he said in an interview published Monday by the Oil Ministry's website Shana. "Meanwhile, oil companies should take into account that Iran sits atop one of the largest hydrocarbon reserves in the world."

Multilateral talks on Iran's controversial nuclear program begin Tuesday in Geneva. Western powers have targeted Iran's energy sector with sanctions in an effort to starve of it financing it could use for a nuclear program it says is for peaceful purposes.

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