British oil giant BP will open an office in Iran this summer, according to Rokneddin Javadi, chairman of the National Iranian Oil Company, Morningstar Advisor reports with reference to The Wall Street Journal.
Quoted on the state-owned oil news service Shana, Mr. Javadi said BP is looking to transfer technology and capital to Iran. BP declined to comment.
The Islamic Republic once enjoyed major investments from a bevy of the world's largest energy companies, but Western sanctions over its nuclear program forced the major oil companies out. Though many have shown interest in returning, uncertainty over the terms of working in the country and the legal restrictions still related to sanctions remain a major stumbling block.
BP's CEO Bob Dudley previously has been cautious on investing in the country. Speaking earlier this year, he said his company would choose opportunities carefully.
