Iran, Egypt oil ministers discuss energy market, trade

In a meeting on the sidelines of the 8th OPEC International Seminar, the two ministers exchanged views on the energy market and trade, and also bilateral cooperation in energy, oil, and petrochemical sectors.

Export of technical and engineering services, particularly gas technology and the know-how to manufacture bi-fuel vehicles, was the other subject Owji and his Egyptian counterpart discussed, Shana reported.

The meeting was held as Iran and Egypt are rebuilding their diplomatic relations after decades-long severance, and the political rapprochement is paving the way for Tehran-Cairo cooperation in the oil and gas sectors.

Speaking at the second ministerial session of the two-day seminar entitled “Investments, finance and inclusive petroleum growth strategies” on Wednesday, Owji said Iran is ready to attract investors in upstream, downstream, and associated petroleum gas (APG) collection projects.

The terms and conditions of Iran’s new oil contracts are aimed at attracting investors, said the minister and continued the new deals are “appealing” to investors and a number of such contracts on the development of oil and gas fields and construction of refinery-integrated petrochemical plants have been inked during the recent years.

Based on new oil contracts, investors use revenues earned by selling products of hydrocarbon fields, he stated and added, “Some countries, including Russia, and even oil companies of neighboring states have welcomed such contracts.”

New oil contracts have been drawn up in a way to give a return on investment (ROI) in the shortest time possible, he said and continued foreign investors would make handsome profits when they develop oil and gas fields.