Iran is gearing up for a major oil and gas investment push as the country prepares for sanctions to be lifted following a historic nuclear agreement with six world powers, including the United States.
The oil rich country is hoping to attract as much as $185 billion in new energy projects by 2020, Reuters said.
Iranian Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh told the news agency that Iran hopes to boost exports to Europe and focus on developing its oil and gas, metals and car industries.
“We are looking for a two-way trade as well as cooperation in development, design and engineering.We are no longer interested in a unidirectional importation of goods and machinery from Europe,” Nematzadeh said at a conference in Vienna.
Iran has redesigned its contract model in anticipation of a new foreign investment wave.
The new contracts, a model Iran is calling its integrated petroleum contract (IPC), would have a life of 20 to 25 years, Reuters said.
Deputy Economy Minister Mohammad Khazaei added that the country has already completed negotiations with some European firms, but declined to name the companies.
After months of tense negotiations, Iran agreed to curb its nuclear development program in return for the lifting of U.S. and EU sanctions, including oil exports sanctions.
Western sanctions have restricted the country’s oil exports to 1 million barrels per day since 2012, down from a high of 2.5 million
The country currently produces about 3.5 million barrels of crude per day, according to OPEC.
No official timeline for lifting the oil sanctions has been released yet.
The U.S. Energy Information Administration said in April that lifting Iranian oil sanctions could cause crude prices to drop by as much as $15 per barrel in 2016.