BP to Open Iran Office in Summer, Iranian Oil Firm Says -- Update
May 05 2016 - 1:59PM
Dow Jones News
By Miriam Malek and Sarah Kent
LONDON -- British oil giant BP will open an office in Iran this
summer, according to Rokneddin Javadi, chairman of the National
Iranian Oil Company.
Quoted on the state-owned oil news service Shana, Mr. Javadi
said BP is looking to transfer technology and capital to Iran. BP
declined to comment.
The Islamic Republic once enjoyed major investments from a bevy
of the world's largest energy companies, but Western sanctions over
its nuclear program forced the major oil companies out. Though many
have shown interest in returning, uncertainty over the terms of
working in the country and the legal restrictions still related to
sanctions remain a major stumbling block.
BP's CEO Bob Dudley previously has been cautious on investing in
the country. Speaking earlier this year, he said his company would
choose opportunities carefully.
Other Western oil companies that have made moves to return to
Iran include Austria's OMV and France's Total SA. OMV earlier this
week announced that it signed a memorandum of understanding with
the National Iranian Oil Company, giving it the opportunity to
pursue a number of potential oil and gas projects in the
country.
BP's history in Iran is complicated. The company was expelled
from Iran in the 1950s when it was operating under the name
Anglo-Persian Oil Company and Iran decided to nationalize its oil
and gas industry. After the company ceased its production
activities, BP held a trading relationship with Iran during the
presanctions era.
Write to Miriam Malek at miriam.malek@wsj.com and Sarah Kent at
sarah.kent@wsj.com
(END) Dow Jones Newswires
May 05, 2016 13:44 ET (17:44 GMT)
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