US Policy On Iran Won't Harm Its Oil Industry


President Donald Trump’s revised hardline policy towards Iran will have little impact on Tehran’s ambition to develop its vital oil industry and attract foreign investment, a senior Iranian official said. 

The Islamic Republic hopes to signs 10 new deals with foreign companies to develop oil and gas fields by March 2018, Amir Zamaninia, Iran’s deputy oil minister for trade and international affairs, told the Oil & Money conference in London.

Trump’s decision not to certify that Iran was complying with last year’s international deal on its nuclear power development program will not detract from Tehran’s plans, he said.

“I don’t think any of us, or any of our partners have been surprised by this statement. Our expectations of policy formulation from Washington have been very measured,” he said.

“The (U.S.) statement and policy ... has little or no effect and implication on our future plan in the oil industry,” Zamaninia said.

Iran is negotiating 28 contracts with foreign companies, including many of Europe’s top oil companies, under a new development contract, he added.

In July, France’s Total became the first western oil major to re-enter Iran following the lifting of international sanctions with an agreement to develop the giant South Pars offshore gas field.