US Presence in Iran Oil Industry Possible

US Presence in Iran Oil Industry PossibleUS Presence in Iran Oil Industry Possible

A senior Oil Ministry official said the presence of American companies in Iranian oil projects is feasible, as Oil Minister Bijan Namdar Zanganeh interpreted the unlikely bond as "cooperation, not intervention".

"Some American oil companies, such as BP, have not dared to speak of working in Iran. However, it is a possibility," deputy oil minister at international affairs, Amirhossein Zamaninia, was quoted as saying by ISNA.

Iran and six world powers reached a historic deal on July 14 in Vienna that would limit the Persian Gulf country’s nuclear program in return for removing sanctions on its energy and financial industries.

Zamaninia said an article has been included in the agreement that enables American companies to operate in Iran through their subsidiaries, noting that arriving at any agreement will require time and negotiations.

According to the official, American companies have "more capital" compared to their Asian and European rivals and that "there is not much money in Europe".

Zamaninia noted that American technology in the oil industry is "incomparable to that of Europeans" and the ministry plans to take advantage of western technology, he said without elaboration.

The agreement paves the way for the presence or return of international companies to Iran's lucrative energy market. But Americans have never played a part in the country's oil and gas projects since the US imposed sanctions on Iran more than three decades ago.

Earlier this week, Zanganeh told a press conference that the ministry adheres to the policies of the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei with regard to relations with the US and will not cross the redlines.

"There is a difference between cooperation and intervention. We do not even allow our allies to intervene (in our affairs)."

Zanganeh also said that by using western technologies, the ministry only seeks to boost production from oil and gas fields, and uphold national interests.