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Iran to start bidding for oil,gas projects next week

19 Oct 2016

Iran’s national oil company has said it will offer 50 oil and gas fields to international bidders, as the country hopes to attract foreign investors back to its energy sector after years of sanctions.


This is the time since last year's landmark nuclear deal with world powers that Iran has offered fields to foreign bidders, said the country’s Ministry of Petroleum.


According to the ministry's website, foreign companies will be able to submit their applications by Nov. 19 and that successful companies would be announced on Dec. 7.


Iran hopes to attract more than $150 billion foreign investment in its oil, gas and petrochemical industry by 2020. 


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