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Iran invites British companies to grab oil, gas opportunities

Iran invites British companies to grab oil, gas opportunities

TEHRAN: Chairman of the Iran-UK Parliamentary Friendship Group, Abbas Ali Mansouri Arani, said that Iran invited British companies to invest in Iran’s oil and gas project.

He also said that in addition to the oil and gas sector, infrastructures are provided for foreign investment in mining and transportation projects.

Arani made the remarks on March 10 in a meeting in London with Lord Norman LaMont, the chairman of the Iran-UK Chamber of Commerce.

During the meeting, LaMont said that British companies have been severely affected by the economic sanctions imposed against Iran.

“The British traders are eagerly waiting for the technical issues to be resolved and business relations between the two countries to resume,” he added.

Trade between Iran and the UK rose by 25 percent in 2014 compared to 2013, according to the EU statistics agency Eurostat.

The bilateral trade amounted to €152 million in 2014, compared to €121 million in 2013, the report added.

The UK exported €113 million worth of goods to Iran, a 27 percent rise compared to the year before.

Imports from Iran rose by 21 percent and hit €39 million.

Corn fodder, sugar, barley, and medicine were the main goods imported from the UK, while carpet, steel products, dates, and saffron were the main goods exported to the UK.

Trade with the UK accounted for 2 percent of trade with the European Union countries in 2014.