Iran Announces London Oil Confab Feb. 22-24

Iran Announces London Oil Confab Feb. 22-24Iran Announces London Oil Confab Feb. 22-24

Iran on Saturday announced dates for a three-day oil and gas conference in London in February designed to attract foreign investors awaiting new contract terms to be unveiled next month.

Oil majors have expressed interest in returning to Iran as soon as international sanctions linked to its nuclear program are lifted, but they are currently still barred from signing any deals, AFP reported. A nuclear agreement between Iran and world powers, struck in July, is due to be implemented in December or January and a top official said the timing had influenced the London event. Seyed Mehdi Hosseini, the head of Iran’s oil contracts renegotiation team, said the “Iran Oil and Gas Summit Post Sanctions” event in Britain’s capital is scheduled for February 22-24.

“It is predicted that sanctions relief will start from January 2016, so the London conference date is in February,” Hosseini told Shana, the Oil Ministry’s news service.

Iran has said it will publish the terms of post-sanctions oil contracts at a November 21-22 conference in Tehran, where 50 new oil exploration and production projects will also be announced.

“After the official lifting of sanctions in January, foreign companies and investors can attend this conference without any international restrictions,” Hosseini said of the London event.