Iran has named 29 international firms as being eligible to bid for oil and gas projects and they await for the government to finalize the new model, known as the Iran Petroleum Contract (IPC), before they move forward.The new model has been reviewed a lot and is believed that it will ease the business between Iran and other countries.

The flexibility of Iran after US and European Union’s ease of sanctions, has led to deals such as a $4 billion investment of France in Iran’s giant South Pars gas field or as many as other contracts between Iran and other 29 international eligible Companies that are due this year.

Iran Oil Show 2017, old Exhibition, new start

As a result of this new development and the more open atmosphere, the 22^ndIran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show 2017) is attracting greater interest. It’s being noticed more than ever, even before Start. Iran Oil Show is hosting 1500 companies from 37 countries beside the 2500 national companies that are presenting their company in the Exhibition.

Iran Oil Show is one of the world’s leading oil, gas and petrochemical exhibitions. Iran, as OPEC’s 2^nd largest producer, sits atop 11 percent of oil and 18 percent of gas reserves in the world.

The Sanctions removal Effect

By sanctions removal Iran has started to be an international player in the oil and gas fields again.Sanctions removal is a big opportunity for Iran to grow faster with a lot of resources it has inside the country on one hand, and on the other hand it is a big opportunity for foreign countries, because there is a huge demand for equipment in Iran, so they can do now what they couldn’t do before all restrictions.

European companies are the most avid to start business in Iran. So many companies have visited Iran recently, to assess the situation in Iran, on top of all, France, Germany and Spain.

Investment needs in Oil and Gas field

The Iranian deputy oil ministry has pointed out in a Conference that based on the calculations, $50-80B worth of foreign investment is expected to be made in Iran’s energy projects, including $10B in the petrochemical sector in near future. In total, $185 billion worth of investments is needed overall, which is not much of high expectations according to the recent tendency for business in Iran.

Previously, Iran’s Oil Minister BijanNamdarZanganeh said that about $20-$30 billion worth of foreign investments are expected to be attracted based on the IPC.