Iran has great oil and gas resources, therefore Western and indeed all international companies do not want to lose the opportunity to do business with Iran, professor of economics at U.S. Northeastern University, Kamran Dadkhah told Trend.
“This is of course, if the country’s nuclear issue is resolved and sanctions are lifted,” he added.
Iran and the P5+1 group on Jan. 20 have started to implement an agreement that was reached on Nov. 24, 2013, regarding Iran’s nuclear program. While Iran has agreed to significantly cut down its uranium enrichment, while in return it would be getting a relief from sanctions for a six-month period.
According to BP statistics, Iran holds world’s largest gas reserves, while being 4th in terms of proven oil reserves.
Kamran Dadkhah said that given the uncertainty about a final deal between P5+1 and Iran, many companies do not want to reach a definite deal with Iran.
He further said that in addition to the nuclear dispute and sanctions, the Iranian laws and it business environment are obstacles to foreign investment in oil and gas sectors.