Rouhani: Iran Can Meet Europe's Energy Needs

Iranian President Hassan Rouhani said that European countries can rely on Iran to meet their energy demands, expressing his interest in deepening ties with Europe.

"We welcome investment by Irish businesspeople in various projects in our country, and Iran can be a reliable source for meeting the needs of European countries in the field of energy," Rouhani said in a meeting with the Chairman of the Senate of the Republic of Ireland, Denis O’Donovan, on October 3 in Tehran.

Rouhani expressed Iran's willingness to develop cooperation with European countries in various sectors, including banking, saying that the "development of relations with the EU, the sustainability of the Joint Comprehensive Plan of Action (JCPOA), and the parties' commitment to the agreement, and the fight against terrorism, are the three key principles in Iran's foreign policy,” according to the statement posted on the president’s official website.

According to the JCPOA, better known as “the nuclear deal” and signed between Iran, the five permanent members of the United Nations Security Council, and Germany, in July 2015, Iran would curb its nuclear program in exchange for the lifting of nuclear-related sanctions and access to frozen capital. Under the deal, Iran shut down many of its centrifuges used to develop bomb-grade uranium, but it retained the right to enrich uranium to a level of 3.5 percent and sell it abroad. 

The Rouhani government is now working on a new framework called the Iran Petroleum Contract, which would permit foreign investors to form joint ventures in the energy sector that last up to 25 years. The IPC will launch as joint ventures for crude oil.