62212
Iran's energy conglomerate MAPNA Group has signed a $2.5 billion contract to build power plant in Basra.
Iran's energy conglomerate MAPNA Group has signed a $2.5 billion contract to build power plant in Basra.

Private Firms Strive for Bigger Role in Overseas Energy Market

The performance of prominent companies will be sent to Iranian embassies to help open up trade and economic opportunities

Private Firms Strive for Bigger Role in Overseas Energy Market

The Energy Ministry is committed to expanding the presence of Iranian companies in international projects, notably by providing financial help, said Alireza Daemi, deputy energy minister for international affairs.
"We are easing the provision of financial guarantees for domestic companies for their business abroad," Daemi was quoted as saying by Mehr News Agency.
He made the statement in a meeting with representatives of privately-owned energy companies in Tehran Monday.
He assured the companies of the government's resolve to build collaboration with internationals in pursuit of a bigger market share in the energy sector.
"The government is ready and willing to take measures to tackle problems associated with financial cover," he said without elaboration.
A financial guarantee is a promise, usually made by state companies, to take responsibility for another company's financial obligation if that company cannot meet its commitments.
He also pointed to efforts to link domestic and international enterprises.
"We are introducing energy companies to foreign investors for collaboration in domestic and foreign energy development projects. The performance of prominent companies will be sent to Iranian embassies to help open up trade and economic opportunities."
The renewed interest in expanding the role of Iranian oil companies overseas comes as major credit agencies, including Germany's Euler Hermes, Italy's SACE and the UK Export Finance have taken steps to shore up European companies' operations in Iran which was unshackled from international sanctions last year.
Iran's historic nuclear accord and the lifting of mainly western restrictions in January 2016 gave Tehran a fresh lifeline to revitalize its stagnant economy after years of underinvestment and financial constraints.
"Foreign companies are not acquainted with the capacities of domestic firms and their products and services, some of which are on par with their international peers. This (cooperation with foreign companies) is an aspiration that can and should turn into reality soon."
According to reports, Iraq has been an economic hotspot for Iranian companies. The Arab neighbor, which is rebuilding its war-ravaged economy and infrastructure, holds ample opportunities for construction and investment.
Iran's energy conglomerate MAPNA Group has signed a $2.5 billion contract with Shamara Group, an Iraqi consortium of 14 industrial and energy companies, to build a 3,000-megawatt power plant in Basra in four years.
MAPNA is a consortium of 41 companies involved in development and execution of thermal and renewable power, oil and gas, railroad transport and other industrial projects as well as manufacturing equipment.
Data show that Iran exported about $2 billion worth of technical and engineering services between January 2016 and March 2017.

Short URL : https://goo.gl/CIVwsc
  1. https://goo.gl/CrsbMy
  • https://goo.gl/wBW7Sm
  • https://goo.gl/gQhlFH
  • https://goo.gl/GTOfw4
  • https://goo.gl/7ipAQO

You can also read ...

Output in Europe has dropped over the past few years.
China will exceed US nuclear power production soon due to...
TAPI Pipeline to Pump Turkmen Natural Gas by 2020
A quartet aims to complete the 1,840-km (1,143-mile) pipeline...
OPEC is not outwardly worried by the rise in US output.
Oil slipped to $66 a barrel on Friday, under pressure from...
GOGPC Oil Production Rises to 620,000 bpd
Gachsaran Oil and Gas Production Company, a subsidiary of the...
Not being paid for a long time may cause investors to lose their enthusiasm in potentially lucrative renewable plans.
A serious hurdle impeding renewable projects is non-allocation...
West Karun Oil Output to Reach 1.2 Million bpd
Collective oil output from the West Karun block, which is...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus