British oil giant BP will open an office in Iran this summer, according to Rokneddin Javadi, Chief Executive Officer of the National Iranian Oil Co.
Javadi said BP wants to transfer technology and capital to Iran. BP declined to comment.Iran once enjoyed sizable investments from a throng of the world’s largest energy companies, but Western sanctions over its nuclear program forced many oil companiesout. 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 stumbling block.
BP Chief Executive, 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 energy companies that have signaled a return to Iran include Austria’s OMV AG and France’s Total SA. OMV earlier this week disclosed 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.