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Iranian, Austrian companies sign oil and gas agreements

Staff Writer | January 26, 2017
Austrian oil and gas firm OMV and an Iranian company penned a memorandum of understanding (MoU) in a bid to revive energy cooperation between the two countries.
Energy   The Joint Comprehensive Plan of Action
As per the MoU, the two sides have been obliged to cooperate in several oil and gas projects in Iran.

The OMV group is an international, integrated oil and gas company headquartered in Vienna.

Following the implementation of the final nuclear deal between Iran and the Group 5+1 (Russia, China, the U.S., Britain, France and Germany), which took effect on January 16, 2016, there has been growing enthusiasm for cooperation with Iran by other countries.

The deal, also known as the Joint Comprehensive Plan of Action (JCPOA), has so far ended all nuclear-related sanctions on Iran, reopened the doors of foreign investment to the country’s market, and paved the way for the economic boom of the country.