Wednesday, December 4, 2013

MARKET CURRENTS

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Market Currents

Wednesday, Dec 4

10:57 AM

Iran mentions U.S. companies for help in developing oil fields

Iran wants U.S. companies such as Chevron (CVX) and ConocoPhillips (COP) to develop its oil and gas fields, the country's oil minister says, perhaps signaling a readiness to court American business amid a thaw in relations with the West.
Western companies are still banned by their governments from investing in Iran's oil and gas fields, and this is the first time Iran has named particular U.S. companies it might like to see enter the country.
In addition to CVX and COP, the minister mentioned European giants BP, Royal Dutch Shell (RDS.A, RDS.B), Total (TOT), Statoil (STO) and Eni (E), and says he is talking to some of them but doesn't say which.
Though sanctions forced Western companies out of Iran, many also complained of Iran's tough contracts which gave some production from a field but no stake in it.