Iran could open up oil projects to Europe

Iran on Sunday said it now has certain preconditions for the return of the western companies to its oil projects, which include their investment, Fars News Agency reported. "We will accept the European countries' involvement in Iran's oil industry only in the form of investment," Managing-Director of the National Iranian Oil Company (NIOC) Ahmad Qalebani told reporters on Sunday. He added that the conditions set by Iran are, in fact, a punishment for those companies due to their collaboration in anti-Iran sanctions. The remarks by Qalebani came after some media reports recently said that French Total and Italian giant oil and gas company, Eni SpA, have voiced their willingness to return to Iran's oil industry. In January, a senior Iranian oil official announced that a sum of $126bln worth of projects are underway to develop Iran's oil industry.