Iran says nuke deal can make it the region’s top energy power

A nuclear agreement will allow Iran to become the number one energy player in the Middle East and herald major opportunities for foreign companies, top government officials in Tehran say.

The remarks, at an industry event, underlined the broader political and economic implications should sanctions on Iran be lifted under a deal, following long-running diplomatic efforts with six world powers.

Iran has the world’s fourth largest proven oil reserves and the second biggest gas deposits. Both are seen as long undertapped and ripe for exploration.

But exports have halved since US and EU sanctions were imposed on Iran’s energy industry in 2012 as punishment for the country’s disputed nuclear program.

Oil Minister Bijan Zanganeh, who as nuclear talks have progressed in recent months has signaled willingness to see global oil giants return, says cooperation was essential.

But such a prospect is inextricably linked to the nuclear deal and its June 30 deadline.

“We have to use the foreign companies that will come to us after the removal of sanctions… to increase exports and access regional markets,” Zanganeh says in a speech at Iran’s 20th Oil, Gas, Refining and Petrochemical Fair.

“It is understandable that they left us during hard times. But we hope to prepare ourselves to work with them for a future in which we become the industry’s number one in the region.”

— AFP