November 24, 2015

IT'S A TRADE DEAL:

Iran gears up for big return to world oil markets (John Defterios, 11/24/15, CNNMoney)

In a remote corner of Iran, engineers are working round the clock to return the country to the top ranks of global oil producers.

The region of Southwest Iran boasts more proven reserves of oil than Africa's largest producer, Nigeria, and its 60 billion barrels are central to Iran's ambitions. [...]

Iran's oil industry has had to get creative to survive years of isolation -- the equipment is old, rusty and in some cases improvised. On one platform, the National Iranian Oil Company is using a Chinese built rig but with American technology at the core purchased before sanctions took hold.

Mahmood Marashi, a project manager educated in America, cannot wait for the day Western-led sanctions are removed, and Iran can re-enter the global market.

"We hope that after the sanctions are lifted we can move faster," Marashi told CNN.

Posted by at November 24, 2015 5:25 PM

  

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