Foreigners Vying for Ilam Energy Potentials

Foreigners Vying for Ilam Energy PotentialsForeigners Vying for Ilam Energy Potentials

Kuwaiti, Austrian and Azerbaijan's investors have visited Ilam Province to explore investment potentials in the region's energy projects, Ilam Province's governor said.

 Mohammad Reza Morvarid added that proposals were made to the visiting delegations for cooperation in oil, gas and petrochemical projects, and the investors will finance projects based on the technical assessments of each project, Shana reported.

Upon the issuance of a certificate on the competency of Kuwaiti and Austrian companies by the Oil Ministry and the Ministry of Economic Affairs and Finance, and the conclusion of an agreement, the construction of refineries with foreign finance in Ilam Province can get underway.

"In view of high investment potentials in oil-rich Ilam Province, the delegation has expressed readiness to get involved in the projects and arrangements will be made to this end," Morvarid said.

The delegation included representatives of an Australian multinational investment firm, Kuwait's Al Khalifa Energy Investments Company and Azerbaijan's Energy Industries Investments Company.

Ilam Province is expected to become one of the major petrochemical hubs of the country on account of its numerous oil and gas reserves.