Iran brings oil message to Davos, Switzerland

Jan. 23, 2014 at 8:06 AM   |   Comments

DAVOS, Switzerland, Jan. 23 (UPI) -- Iranian Oil Minister Bijan Zangeneh said he was taking a message to the World Economic Forum that Iran was ready to draw in more oil investments.

Zangeneh accompanied Iranian President Hassan Rouhani to the World Economic Forum in Davos, Switzerland. The minister was quoted Wednesday as saying by Shana, the Oil Ministry's news website, that Iran has "many plans" to encourage international oil companies to invest in Iran.

"In Davos, we will sit together with managers of foreign oil companies to explain our plans in face-to-face meetings," he said.

The European Union announced Monday it 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.

The Iranian government has been eager to bring investors back to an energy sector handicapped by Western sanctions. The U.S. government said most of its sanctions would remain in force during the terms of the six-month nuclear arrangement.

The Organization of Petroleum Exporting Countries said in its January market report Iranian crude oil production increased modestly in December to 2.7 million barrels per day though that level is down 8 percent from 2012.

The economic summit in Davos runs through Friday.

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