Iran sees no oil project funding problems

Iran will not have problems financing energy projects, the caretaker oil minister said in recent remarks, despite US pressure and UN sanctions.

Iran is enjoying windfall oil revenues because of high crude prices but foreign firms are increasingly reluctant to do business with the Islamic Republic because of sanctions imposed in a row with the West over the country’s nuclear ambitions.
‘In the oil industry, we will not face financing problems. Of course there are some limitations in this regard, but they can be solved,’ Jahan-e Eqtesad newspaper quoted acting Oil Minister Gholamhossein Nozari as saying.

Nozari’s remarks echoed those in July of the former minister whom he replaced this month, Kazem Vaziri-Hamaneh.

The US, leading efforts to isolate Iran over an atomic programme it fears is aimed at building bombs, has urged foreign firms not to deal with Iran. Tehran insists its nuclear plans are purely civilian.

An Iranian official said in May Societe Generale had pulled out of a $5 billion project to develop part of the South Pars gas field due to US pressure. The official said Statoil and Total were also under pressure.

TradeArabia