European companies are competing to invest in Iran following the easing of sanctions against the country in light of the implementation of Tehran’s nuclear deal with world powers, a new report suggests.
On January 20, the European Union Council suspended part of its sanctions against Iran based on the Geneva nuclear deal between Iran and six world powers -the United States, France, Britain, Russia, China and Germany- which was signed last November.
Under the report published by the bimonthly American magazine Foreign Policy, more than 100 German companies are currently doing business in Iran.
“As these corporations flood into Iran, their new investments could inject as much as $20 billion into the Iranian economy,” the report added.
The report referred to Iran's energy industry as “a potential gold mine” for European investors.
On Sunday, an adviser to Oil Minister Bijan Namdar Zanganeh said Iran’s Oil Ministry plans to hold a conference in July to introduce new contract terms to international companies.
According to Iranian oil officials, world oil giants, including Royal Dutch Shell, British Petroleum (BP), Malaysia’s Petronas and Spain’s Repsol plan to return to Iran following the easing of sanctions against Tehran.
Russia’s second largest oil producer, Lukoil, France’s Total and Italy’s Eni have also expressed their willingness to resume work in Iran.
France is also trying to strengthen its economic ties with Iran.
A 140-member delegation of French businessmen is currently in Tehran to discuss possible new business ties.
