July 16, 2015 | Quote

Iran: The Oil and Gas Multibillion-Dollar ‘Candy Store’

They did not advertise their presence. But in the days and weeks before Tuesday’s nuclear deal between the west and Iran, a steady trickle of visitors from some of the world’s largest energy groups have flown into Tehran.

By some accounts, they have done more than exchange business cards. As one senior western executive puts it, few of the industry’s big players can ignore the “candy store” that is Iran — now preparing to throw open a multibillion-dollar shop window of oil and gas projects.

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For those companies that do invest, there is also the threat of legal action from individuals with claims against Iran based on its support for terrorism. Mark Dubowitz of the Foundation for the Defense of Democracies, a Washington-based think-tank, says about $18bn has been awarded in US courts to plaintiffs against Iran. Efforts could be made to enforce those awards against any companies with operations there.

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Issues:

Iran