That was the message from Petroleum Policy Intelligence ceo Bill Farren-Price at the Seatrade Maritime Middle East’s “Iran Investment Forum” in Dubai on Wednesday.
While the lifting of sanctions means Iran has started trading oil again and will need to renew is aging tanker fleet and upgrade its neglected hydrocarbons infrastructure offshore as it seeks to increase output, Farren-Price insists other opportunities exist for commercial shipping.
The country also needs major investment in its core infrastructure which are likely to require great shipments of project cargoes from around the globe. A “fully-fledged manufacturing economy” could even lead to boxship exports eventually, some experts predict.
“I think it’s really important to get away from this idea that Iran is just a hydrocarbons story because I don’t think that is true,” Farren-Price said.
“We talk a lot about oil as being the dominant feature of the Iranian economy but it really is a much smaller part of a much bigger economy than some of the other Arab Gulf states.
“I think it presents absolutely enormous opportunities for European and international investors, from which ever sector they choose to get into, the country needs huge upgrades on its airports, roads, railways and healthcare, telecoms, I mean you name it.
“Every sector is calling out for investment and some the investment codes are already in place so it should be do-able.”
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