energy majors back, he said.
“We expect that after presenting the models of the new agreements, which are based on the realities of the global energy market, they will be so attractive that it will bring the foreign investment.
“Iran is very determined that after a very short period of time after signing the nuclear agreement that we can take back our position in the global oil industry,” Jahangiri added.
According to the oil ministry, 1,200 Iranian companies and 600 international businesses from 29 countries including Britain, China, France, Germany, Russia, Singapore and the United Arab Emirates registered for the four-day Tehran exhibition.
But with crude prices hovering around a lowly $60 a barrel as the market experiences a supply glut, the chances of an economic windfall for Iran or international companies is difficult to gauge.
While oil and gas was long the cornerstone of Iran’s finances, the global fall in crude prices has led President Hassan Rouhani’s government to seek a more varied economy.
And in the budget for this year Iran halved its reliance on oil income to 25 percent. Foreign companies are also weighing the cost of doing business in Iran against the potential returns.
Under Iranian law, foreign entities in the oil and gas sector must partner with local firms.
But the development of oil and gas sites, including the massive South Pars gas field, shared with Qatar, and the West Karoun oilfield, offer significant potential for foreign tie-ups.
Having agreed an outline framework for a deal on April 2, Iran and the P5+1 powers (Britain, China, France, Russia and the United States plus Germany) aim to conclude a final accord by the end of June.
Under an interim deal that came into effect in January 2014, which gave some sanctions relief, Iran has been allowed to maintain its crude oil exports at around 1.2 million barrels per day — less than half of what it was shipping in late 2011.
Production capacity is now around 2.7 million bpd but the ministry has said it could reach 4 million bpd within a few years.