Iran: Domestic Companies Seek Assurances Ahead Of Oil Opening

Ahead of Iran’s upstream opening, local exploration, production and services firms fear losing their niche in a post-sanctions Iran open to foreign involvement.

Ever since Iran and the five permanent members of the UN Security Council (UNSC) plus Germany struck the landmark nuclear accord last month, Tehran has been a hive of activity. In the three weeks that have followed the signing, the Iranian capital has already welcomed high ranking business and political delegations from three of Europe’s largest and most influential countries and Japan, among others.

Germany got the ball rolling, sending its vice chancellor and economy minister Sigmar Gabriel to Tehran just five days after the signing of the deal. Mr Gabriel, who flew to Tehran on 19 July as part of a trade delegation, was in town to hold talks with the Iranian President Hassan Rohani, three ministers, the head of the Central Bank of Iran and the chamber of commerce. This trip was “a sign of encouragement” for German businesses that lost their place in the Iranian market as a result of sanctions many years ago, president of Germany’s Chamber of Commerce Eric Schweitzer said in the days that followed. (CONTINUED - 1829 WORDS)