Speaking on the sidelines of the 21st Iran International Exhibition of Oil, Gas, Refining and Petrochemicals, the official said Iran’s compliance with the oil freeze plan depends of the Iranian petroleum ministry’s policies.

He also said that development of phase 11 of the supergiant South Pars gas field may be pitched as a project to foreign investors under new oil contracts Iran has devised to replace buyback deals, in a bid to sweeten investments for foreign developers in a ban-free Iran. 

Regarding Korean companies’ presence in Iran and money transfer with them, Javadi said Korean banks are still in trouble to launch banking routes with Iranian banks while European banks are to initiate banking ties with Iran in a matter of about a month.

Asked about Iran gas exports to Oman, Javadi said that Iranian Offshore Engineering and Construction Company has started feasibility studies on a project to deliver Iranian natural gas to Oman through an undersea pipeline.

The 21st Iran International Exhibition of Oil, Gas, Refining and Petrochemicals is being run with nearly 2,000 exhibitors from 38 countries of the world, up 30% from the fair’s last year edition.