Polish PGNiG plans Iran investment
Xamar Radio
Polish state-owned company PGNiG says it plans to invest in Iran's oil and gas sector in the long-term, Thomson Financial has reported.

“We are linked to an Iranian partner by a letter of intent,” PGNiG Deputy Chief Executive, Radoslaw Dudzinski, told a new conference on Wednesday.

“Working teams have been set up and the issue of investment in upstream is being discussed, though these are long-term investments,” he said.

Dudzinski added that PGNiG aims to begin its investments in Iran once the UN sanctions against Tehran over its nuclear program are lifted.

In February, PGNiG said it had signed a preliminary deal with the Iranian Offshore Oil Company to cooperate on managing already-discovered gas reserves.

The world's six major powers, the US, Russia, China, Britain, France and Germany, put together a new package of incentives on May 2 to in a bid to bring Iran's nuclear activities to a halt.

Tehran maintains that as a signatory to the Non-Proliferation Treaty (NPT) it is entitled to enrich uranium for civilian purposes.