No limitations exist on oil and gas and related investments in Iran – official

BAKU, Azerbaijan, May 8. There are no
restrictions on domestic and foreign investments in Iran’s oil,
gas, refining, petrochemical, and related sectors, Iranian Oil
Minister Javad Owji told reporters, Trend reports.

He made the statement during the opening ceremony of the 23rd
International Exhibition of Oil, Gas, Refining, and Petrochemicals
in Tehran.

According to him, Iran’s oil industry is capable of providing
itself with the development of oil and gas fields, marine
equipment, the construction of oil and gas refineries, and the
drilling of various types of wells.

Owji added that Iran’s production is increasing day by day in
accordance with the plans. Also, despite the tough sanctions
imposed on Iran, the country exported $35 billion worth of crude
oil last year (from March 21, 2023, through March 19, 2024).

Meanwhile, the 4-day 23rd International Exhibition of Oil, Gas,
Refining, and Petrochemicals kicked off in Tehran.

To note, the US imposed new sanctions on Iran in November 2018
in connection with Iran’s nuclear program. Over the past period,
over 700 banks, companies, and individuals exporting Iranian oil
have been subjected to sanctions. The sanctions led to the freezing
of Iran’s assets in foreign countries.

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