Iran hopes to lure Western investments in country's oil, gas sector

Iran is hoping to attract Western oil majors such as Total, Royal Dutch Shell and Chevron to invest in its oil and natural gas industry in case the U.S. and the European Union remove their sanctions against Iran. Trade sanctions against Iran significantly slashed its oil exports last year, and the country's oil minister said Iran needs to attract $100 billion in energy investments over the next five years. A spokesman for Total said the company will "go back to Iran when and if international sanctions are lifted."

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