Official: Foreign Companies Vying for Investment in Iran's Energy Sector

TEHRAN (FNA)- An Iranian oil official downplayed effects of international and unilateral sanctions against Iran, and said a large number of foreign companies are vying with each other to resume or start activity in the country's energy sector.
"Foreign energy companies are keen to invest in Iran's oil sector, particularly in South Pars' downstream and upstream projects," Managing-Director of Pars Energy Special Economic Zone Pirouz Mousavi said on Sunday.

The official pointed out that a South Korean company has already begun construction of steel structures of the remaining phases of South Pars.

Despite the hostile policies and moves of the United States and its European allies, Iran has shown a promising trend of growth in science and economy.

Iran is under four rounds of UN Security Council sanctions for turning down West's calls to give up its right of uranium enrichment, saying the demand is politically tainted and illogical.

Yet, last year the US and the European Union approved a set of extra unilateral sanctions against the Islamic Republic over its nuclear program, mostly targeting the country's energy and banking sectors, including a US boycott of gasoline supplies to Iran.

But the US fuel embargo on Iran proved futile after Iran boosted domestic production, attained self-sufficiency and even exported gasoline.

Iran says that western sanctions and pressures have only consolidated the Iranians' national resolve and encouraged them to reach self-sufficiency in many economic areas, including gasoline production.