Malaysia’s Petronas willing to invest in Iran’s upstream sector

Malaysia’s ambassador to Tehran announced that the Malaysian Petronas Company is interested in cooperation in Iran’s upstream oil industry, AVA Diplomatic reports.

Malaysian ambassador to Iran Rustam Bin Yahaya said, the Petronas Company has presented its plans to cooperate with the Iranian side in the upstream oil sector after the lifting of sanctions against the Iranian oil industry and he hoped that discussions will lead to a positive result.

“Iran has many opportunities for investment and after the lifting of sanctions, several Malaysian industries like Petronas, operating in the oil and gas sector, have submitted plans for cooperation and these discussions are still under way”, he added.

The ambassador suggested that Iranian traders to travel to Malaysia and by studying investment, bilateral relations will be promoted.

Referring to the signing of a contract between Petronas and Tehran to buy 300,000 barrels of oil by the Malaysian company from Iran following the implementation of the nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), Mr. Yahaya insisted that Petronas Company has proposed a project worth billions of dollars in upstream sector.

“Following the lifting of sanctions, the volume of trade, tourism interactions and the tourism industry between the two countries have experienced significant growth and we hope this trend will continue,” he said.