Global Energy Majors in Tehran

Global Energy  Majors in TehranGlobal Energy  Majors in Tehran

Major international companies operating in the oil, gas, petrochemical and electricity sectors start three days of talks with Iranian officials in Tehran on Monday to explore investment opportunities in the post-sanctions Iran.

The convention, known as the Iranian Petroleum and Energy Club Congress and Exhibition or IPEC and attended by major European and Asian firms, will run until Wednesday, Mehr News Agency reported.

Representatives from French gas services and equipment firm Air Liquide and oil and gas major Total, Austria's OMV, Eni and Ansaldo Energia of Italy as well as Germany's Siemens and Linde Group–the world's  largest industrial gas company by market share and revenue— are among the prominent European firms at the convention.

Add to them Japan's Mitsubishi Hitachi Power Systems, Mitsui Oil Exploration Company and Japan Gasoline Company that are keen not to fall behind their European rivals in Iran's emerging energy market.

Oil and energy ministers Bijan Namdar Zanganeh and Hamid Chitchian respectively are expected to outline the framework of foreign investment in energy projects, as the country is gearing for multibillion dollars in economic and energy deals on the prospect of lifting decades-old sanctions.

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

Tehran has hosted top trade delegations from Spain, Austria, France, Germany, Japan and South Korea in the past few weeks.

The congregation comes as negotiations have been in the works with some of the IPEC participants in the past several weeks.

OMV is in talks with the National Iranian Oil Company to develop Cheshmeh Khosh Oilfield in western Iran.

Reactions toward Total's reentry after 20 years of operations in Iran's oil and gas fields have been mixed.

Earlier this month, the French company was said to have received the green light to build 100 gas stations in Iran, marking the commercialization of gas stations in the Persian Gulf country. However, oil officials ruled out such arrangements with Total or any foreign firm shortly after.