Iran sees energy interest from India and China

Iran draws neighbors into energy sector after meetings in Columbia.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |  May 13, 2014 at 9:04 AM
share with facebook
share with twitter
| License Photo

TEHRAN, May 13 (UPI) -- Indian and Chinese companies were among those expressing interest in working in the Iranian energy sector, an executive from the National Iranian Oil Co. said.

Mohammad Ali Emadi, deputy director of the NIOC, said India's state-run Oil and Natural Gas Corp and China National Offshore Oil Corp. were among those expressing interest in Iranian energy projects during a recent summit in Columbia.

Iran has tried to bring more foreign companies into its energy sector since securing sanctions relief from a November interim agreement to curb nuclear activity. Monday's announcement from NIOC followed a similar statement from Iran's Industrial Development and Renovation Organization.

Last month, Iran said it would switch state oil and natural gas contracts from a buy-back system, where contractors are paid a set price of oil and natural gas produced, to a joint venture system, where Iranian companies work through a partnership with international companies.

Iran's energy sector is still under sanctions pressure because of its controversial nuclear program. Iran and Western negotiators met Tuesday in Vienna for another round of talks to discuss nuclear issues.

Related UPI Stories
Trending Stories