Iran takes serious steps to attract foreign investors to its oil industry

Iran has taken serious measures to create a secure environment for foreign investors, said Minister of Economy and Finance Davood Danesh Jafari. Speaking at the opening ceremony of the first International Oil Refining Forum (IOR), the minister said Iran has adopted "comprehensive policies and efforts" to provide new opportunities for investors.
Referring to a number of such policies, Jafari said that all economic impediments to participation of the private sector and foreign investors in oil development activities have been removed.

"Significant measures taken in this regard include approval of a bill supporting foreign investment, approval of certain incentives for exporters and importers and guarantees for repatriation of investment capital as well as returns, and a guarantee by the government that foreign capital will be protected from the risks of confiscation and nationalization," said the minister.
He added that changes made in Iranian laws on direct taxation, agreements signed with over 100 countries to remove double taxation, fixing of suitable prices for excess oil and gas reserves along with the country's growing political stability are some of the incentives for increased investment as well as economic activities.

Stressing that Iran is one of the "most secure and trustworthy regional countries for investment," Jafari said that "the Iranian nation and its government are determined to pursue lofty national goals."
"Iran is ready to increase its cooperation with foreign companies for development of its oil industry," the minister said in conclusion.