Iranian officials spoke today about the conditions in which foreign companies will be admitted to develop Iranian oil and gas fields after the removal of the anti-Iranian sanctions. In particular, Iran expects investment from international oil companies in the production of oil drilling equipment and partnership agreements with local oil producers.
"Any foreign company that will produce oil must have an Iranian partner," Iranian Oil Minister Bijan Namdar Zanganeh warned, adding that the Islamic Republic considers oil contracts with foreigners to be a tool to create a new Iranian industry associated with both the exploration and extraction of oil and gas fields.
