While the world market fall and many developed country suffering from lack of investment; Iran, the world’s second biggest oil producer, has been looking for foreign investment for development of its oil and gas fields in order to ensure its energy security from big power monopoly and regional conflicts, claiming it has the safest route for oil transport in this area.

Last Sunday, the official IRNA news agency reported, after addressing the opening session on Saturday of an energy conference in Tehran that would conclude on Sunday. Referring to the current turmoil in the Caucasus region (a geopolitical region located between Europe, Asia and the Middle East.), Iran’s Foreign Minister Manouchehr Mottaki said, “Iran is ready to cooperate with foreign companies and states to ensure its oil supplies against the (political) turmoil in the Caucasus”, he also said, that Iran insists upon security of oil supplies. Moreover he added that Iran is the safest and most economical route for piping oil and gas in the world. He also said:

Iran can transfer the Caspian Sea oil to the Persian Gulf and free international waters via the shortest and best possible route.

On the hand, Iran’s oil minister Gholam Hossein Nozari informed last Saturday investments worth more than $20 billion are needed for the country’s oil refining industry. The minister voiced Tehran’s readiness to “shake the hands which are able and would like to assist us.” He also added, Iran looks forward to doubling its current refining capacity of 1,750,000 barrels for each day. But do any foreign investors give their hand to develop its oil and gas field? While they always face threat of the UN and the USA economic sanctions for its nuclear program.

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refining industry in iran