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Iran Launches Oil, Gas Conference To Attract Attention

Iranian officials are outlining plans for major oil and natural gas projects on May 6 during an industry event that comes amid ongoing negotiations on a nuclear deal with six world powers.

Iran’s Oil Minister Bijan Zanganeh was giving the keynote address at the four-day event in Tehran.

Zanganeh has previously signaled Iran’s willingness to see international oil firms return to Iran.

But the prospects for foreign firms to do business in Iran are intricately linked to whether Iran and six world powers can conclude a nuclear deal before a June 30 deadline.

If a deal is reached, wide-ranging economic sanctions against Tehran would be lifted.

Iran has the world’s fourth-largest proven oil reserves and the second-biggest natural gas deposits.

But most major international energy firms have left Tehran or have been stifled from doing business since the United States and the European Union imposed sanctions over Iran’s disputed nuclear program.

Based on reporting by Reuters, AP, and AFP