Tehran is currently lining up around $ 1 billion worth of energy deals it is meaning to sign, following the aftermath of the international sanctions which have been lifted from them. This is in accordance with a new report which originated from the Business Intelligence Service based in the Middle East, known as MEED. The lifting of these sanctions which had been placed on Iran has been one of the most prominent and vital changes to the business landscape of the region in history and it has also opened up many opportunities for the Iranian businesses and International Businesses.
Opportunity Iran 2015 report which has been released recently states that Iran’s top priority will be a large scale investment in petrochemical, oil and gas projects, as soon as the international economic sanctions on Iran are lifted. Iran is home to the fourth largest oil reserve on earth and the largest gas reserve on earth, however due to many years of isolation from the international business community has left the hydrocarbons sector in severe need for modernization. Investments in Iranian Projects have been expected to surge once these international sanctions are finally removed and the major Middle East economy is open to them for business.
The petrochemicals sector of the country are already the second largest in the region, is all set to be benefitting from a huge amount of cheap feedstock as Iran has started up several new phases of the offshore South Pars gas development in the Gulf region. The economy of Iran has since a long time been the sleeping giant of the region and it could very well be representing the largest frontier market for investors in the world after these international sanctions imposed on them are lifted. These statements had been made by the Oil and Gas Editor of MEED and co-author of the Opportunity Iran 2015 report, Mark Watts.
Iran is aiming to expand its production of oil over two phases. The initial phase will involve the NIOC or National Iranian Oil Company in reviving the crude output to the levels of pre 2012 era as the lifting of sanctions has opened up several export markets for the country. Onwards from 2020 the capacity for Iranian crude will be set to increase even more keeping in mind the inflow of investment as well as technology from the international companies.
Qatar has been utilizing their gas assets which were offshore in order to become one of the global leaders in the Liquid Natural Gas or LNG exports, which is something that Iran has been unable to do as they were unable to acquire the technology. With the restrictions and sanctions being lifted from them, Iran will have access to all the technology of the modern era and would be able to rival Qatar and the other LNG superpowers. The opportunities are not only limited to the gas and oil sector. Iran is also expected to receive a sizeable investment in the field of mining and metals, aviation, water and power, automotive and the tourism industries.
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