Global giants flock to Iran Oil Show 2016

Published May 5th, 2016 - 11:56 GMT
Companies such as Siemens, Lukoil, and Gazprom are attending the show in Tehran. (Shutterstock)
Companies such as Siemens, Lukoil, and Gazprom are attending the show in Tehran. (Shutterstock)

The 21st International Oil, Gas, Refining and Petrochemical Exhibition of Iran – Iran Oil Show 2016 – opened in capital Tehran on Thursday. 

Around 1,900 companies – 900 from Iran and 880 from 38 countries - are showcasing their latest achievements in the Show which will continue until 8 May.  

Figures on participants show that Europeans outnumber others in this year’s exhibition – the first after the removal of multiple-year sanctions against Iran.   

Overall, the number of companies attending this year’s exhibition shows an increase of 60 percent compared to last year in what Iran’s oil officials say is a sign of the growing interest of global industries to invest in the country’s oil projects now after the removal of the sanctions.

Companies from the United States that include Lincoln Electric are also participating in the Show through their European representatives. 

Major corporations that have been listed by the media include Siemens, Lukoil, Gazprom, OMV and Saipem. 

Based on the US-engineered regime of sanctions against Iran, foreign companies were barred from investing in the country’s oil industry among a series of other draconian restrictions.  Purchases of oil from Iran were also limited to a low ceiling of around 1 million barrels per day.

The sanctions – that also included many economic limitations - were lifted after a deal that Iran had sealed with the P5+1 – the five permanent members of the Security Council plus Germany – was implemented in January.

The removal of the sanctions has already helped Iran almost double its oil export capacity and encouraged companies to approach the country for serious investment talks. 

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