European business reps congregate on Iran business forum

Iran also offers the EU to supply liquefied natural gas when and if it starts producing enough gas.

According to his estimations it may take 5-6-10 years for Iran to start supplying gas to the EU.

The United Nations Security Council on Monday approved a great deal to turn out many years of economical sanctions on Iran for holds up on their nuclear process.

The Iran Oil Contract (IPC) addresses some of the deficiencies of the traditional buy-back deals, taking short- and long-term interests of the foreign entities to heart, he said.

Deputy Economy Minister Mohammad Khazaei said Iran had already completed negotiations with some European companies wanting to invest in the country.

Iran’s priority is to improve recovery from its ageing oilfields and develop both onshore and offshore reserves shared with its neighbors in the south and the west. For those fields, Zamaninia said, Iran was ready to sign contracts for a period of 20-25 years.

Mohammad Reza Nematzadeh, Minister of Industry, Mine and Trade of Iran applauds during the “Iran-EU conference, Trade and Investment” forum in Vienna, Austria, Thursday, July 23, 2015.

“Even in the past couple of weeks we have approved more than $2 billion of projects in Iran by European companies”, he said, without naming the firms or providing further details.

Nuclear-related sanctions on Iran are scheduled to be lifted over the coming months, and more than 300 people representing dozens of European companies are attending the event.

The Iran-Austria joint chamber of commerce organized the visit.

He said Iran aimed to join the World Trade Organization once political obstacles were removed and would be interested in preferred trade deals with Europe and central Asian countries.