Int`l Oil Consortium to Replace Foreign Contractors in Iran

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Managing Director of Pergas International Consortium (PIC) Colin Rowley has announced that PIC is ready to replace the companies that have been forced to step out of the Iranian industry because of intensified US sanctions on Tehran.

On May 8. US President Donald Trump announced his country`s unilateral exit from Iran nuclear deal. saying Washington will reinstate the removed sanctions on Tehran with a wind-down period of 90 to 180 days.

Following the US action. some international companies active in Iranian oil projects said they will withdraw from Iranian projects.

However. some other companies. including Pergas International Consortium. expressed eagerness to continue with their presence in Iran.

Seeking to develop hydrocarbon fields. PIC is composed of 11 European. Asian. and Canadian companies active in both upstream and downstream oil industry.

Presence in world economic areas requires one to be prone to risk. Rowley said.

If the economic activities were supposed to bear no risk. your turn may never come. he added.