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Iran Hopes To Rebuild Economic Ties With Europe After Sanctions


Iran has outlined plans to rebuild its main industries and trade relationships with Europe following a nuclear agreement with world powers.

Under the deal, sanctions against Iran will be gradually removed in return for Tehran accepting long-term curbs on its nuclear program.

Iranian Deputy Oil Minister for Commerce and International Affairs Hossein Zamaninia told an investors' conference in Vienna on July 23 that the Islamic republic identified nearly 50 oil and gas projects worth $185 billion that it hoped to sign by 2020.

Industry, Mines, and Trade Minister Mohammad Reza Nematzadeh said Iran is looking for "two-way trade as well as cooperation in development, design, and engineering" rather than a "unidirectional importation of goods and machinery from Europe."

"In the past couple of weeks we have approved more than $2 billion of projects in Iran by European companies," Deputy Economy Minister Mohammad Khazaei said, without providing further details.

Based on reporting by Reuters
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