Petrofac Eying Iranian Market

Despite choosing not to join fellow British oil services companies Amec Foster Wheeler and Weir Group in sending representatives to Tehran this week, London-listed Petrofac is keeping a keen eye on developments in Iran and expects to be involved in the country if and when sanctions on its energy sector are lifted.

Speaking on the company’s 1H 2015 conference call this week Petrofac Chief Financial Officer Tim Weller said his company would certainly be looking to enter the Iranian market once major oil and gas companies begin securing contracts with local operators.

“Given our strength in the Middle Eastern Region, it will be a natural extension of our core onshore EPC [engineering, procurement and commissioning] business to start work in that particular country,” he said.


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE