Sanctions not Retroactive--No Worries for Investors in Iran: Official

Addressing the opening ceremony of the 13th Iran Petrochemical Forum here in Tehran on Saturday, Amir Hossein Zamani Nia, deputy petroleum minister in international affairs and trading, said the lack of confidence of investors in investing in Iran after Donald Trump’s taking office in Washington was temporary and talks of international companies are on the go with Iranian partners. 

“Sanctions are not retrospective and businesses created before imposition of sanctions are not affected by restrictions,” he said. 

“There are no worries as per supply of parts and services in case of sanctions’ snapback and all the loans and goods shall be handed back as agreed in contracts,” the official added. 

He also said the availability of advanced infrastructure in energy sector in Iran including roads, railway, ports, etc. as well as young and educated labor are capitals that have made Iran a competitive and attractive destination for investors. 

Zamani Nia further said at least 100,000 direct jobs can be generated in the oil and gas sector of Iran by the end of the current Iranian calendar year to March 20 2018, saying 150,000 indirect jobs can also be created in the sector during the period, as dozens of major projects have been defined and will come on-stream by the yearend.