Iran welcomes British investment in oil industry

Jun 28, 1999 02:00 AM

Iran welcomes British companies to invest in the country's oil sector, said an Oil Ministry official recently.
The co-operation between British companies and Iranian private sector would further activate and promote performance of Iranian businesses in developing the oil sector, said Iranian Deputy Oil Minister for International Affairs Mehdi Husseini.
The official told the Islamic Republic News Agency that a visiting British business delegation has put forward proposals including transfer of modern technology and financial facilities to implement some projects in oil, gas and petrochemical sectors.
The British delegation was comprising representatives from 29 British companies. It is the highest ranking trade-economic delegation to visit Iran since the 1979 Islamic revolution.

Iran and Britain upgraded their relations last month to ambassadorial level after the two countries agreed to put aside the controversial issue of Salman Rushdie, who was sentenced to death by late Iranian supreme leader Ayatollah Khomeini in 1989.
Husseini said the British delegation is here to seek further expanding economic ties with Iran.
With regard to the transfer of modern technology, the Iranian oil industry research centre would study the proposals by the British delegation.
Meanwhile, a member of the British delegation, Alan Munro, told that Britain plans to promote mutual economic co-operation with Iran and sees Iran as an important trading and investment partner.
In an interview, Munro said that Iran has made clear that it wishes to attract foreign investment and technology for national development. Even if Iran is on the list of risky countries regarding investments, "I believe that the risk of making investments in Iran is comparable with similar risks in other countries," he said.

Source: AP via Newspage
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