Iran Invites Mitsui to Invest in Energy Sector
Iran has urged Japan’s Mitsui to invest in Iranian upstream, downstream and petrochemical projects.
Deputy Petroleum Minister for International Affairs Amir Hossein Zamani Nia on Monday met with Atsushi Kume, senior executive managing officer for Europe, the Middle East and Africa at Mitsui, Shana reported.
He called for cooperation between Iranian and Japanese companies in both downstream and upstream industries in the post-sanctions era. Nia further added that Iran's petrochemical industry will need $80 billion investment in the next decade.
During the past decade all major global energy firms had pulled out of Iran due to western sanctions. However, with most of the sanctions now lifted, Tehran is working overtime to woo these entities back into the country. Iran needs billions of dollars in investment to upgrade its energy infrastructure. The middle eastern nation wants to quickly start exporting gas to growing markets in Asia as well as to Europe.
Tehran's special focus is on developing the giant South Pars gas field. South Pars is the world's largest gas field, shared between Iran and Qatar, covering an area of 3,700 square kilometers of Iran's territorial waters in the Persian Gulf. It adjoins Qatar’s North Field, which measures 6,000 square kilometers.