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Scotland seeks cooperation in both oil and renewables.
Scotland seeks cooperation in both oil and renewables.

Scotland Scouts Energy Opportunities in Iran

Scotland Scouts Energy Opportunities in Iran

As Iranian oil returns diminish, Scotland's businesses look for new opportunities through energy connections.

Scottish businesses are preparing to increase links with Iranian companies in both oil and renewables.

The news follows a visit by Scottish Enterprise, Scottish Development International and several energy companies to the Offshore Energy Exhibition and Conference last week in the Port of Rotterdam, Scottish news service CommonSpace reported.

It was the first time that Scotland hosted its own pavilion at the gathering that featured 13 oil, gas and wind power businesses and follows moves by Iranian companies keen to collaborate after the lifting of nuclear-related sanctions on their country in January this year.

Speaking to CommonSpace, David Rennie, international sector head at Scottish Development International, said, “OEEC gave us an opportunity to meet companies on the Iranian pavilion with a view to creating new opportunities for the future.”

The OEEC attracts nearly 12,000 visitors and 658 exhibitors from 86 countries. The event has been running for nearly a decade and has not stopped growing.

Scottish Enterprise is the main economic development agency funded by the Scottish government and, alongside Scottish Development International, it has a remit to attract foreign direct investment, encourage businesses to develop in Scotland and develop trade links.

In July, Iran’s Energy Minister Hamid Chitchian told Bloomberg that Iran is looking at investing $12 billion into renewable projects by 2030 in light of the low wholesale price of oil.

Iran, along with other OPEC members, has seen dramatic declines in oil prices over the past two years, with crude oil dropping to between $40 and $50 per barrel from more than $100 in 2014.

 

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