04-07-08 Iran has placed no obstacles in the way of Americans that hope to invest in the energy-rich country, a senior Iranian official says.
"Tehran has not put any restrictions on Americans who wish to invest in the Iranian [oil] market," affirmed Iranian Oil Minister Gholam-Hossein Nozari on the sidelines of the World Petroleum Congress in Madrid, Spain.

The Iranian minister explained that sanctions would not be an obstacle to the development of Iran's energy sector, suggesting that US energy firms can easily begin investments. Pundits believe the various US economic sanctions that have been imposed on Iran since 1979 have had 'ominous consequences for the United States and the rest of the world' rather than Iran.
"The imposition of sanctions is impractical. After being under US sanctions for almost 30 years, we are still producing and increasing production in our oil and gas sectors," the Iranian minister has said.

A host of energy analysts share the views of the Iranian official. They believe that while US President George W. Bush has been busy tightening the screws on Tehran over its nuclear program, the sanctions have been ineffective.
The West accuses Iran of making attempts to develop nuclear weapons. Iran insists that its uranium enrichment activities are peaceful and in line with its rights stated in the Non-Proliferation Treaty. Iran is the world's fourth largest oil producer; its confirmed oil and natural gas reserves are almost equal to that of Saudi Arabia.