Iran sets eyes on $185bn energy programme after Vienna accord

Vienna accord: Tehran has identified nearly 50 oil and gas projects worth $185 billion that it hoped to sign by 2020 now that sanctions look likely to be lifted after the agreement in Vienna earlier this month, the country’s Deputy Oil Minister for Commerce and International Affairs, Hossein Zamaninia, said this week.
It  also plans to focus on its metals and car industries as well as its natural resources with an eye to exporting goods to Europe rather than simply importing Western technology. “We are looking for a two-way trade as well as cooperation in development, design and engineering,” the Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh told a conference in Vienna yesterday.  “We are no longer interested in a unidirectional importation of goods and machinery from Europe.” 
On Monday, The United Nations Security Council endorsed a deal to end years of economic sanctions on Iran in return for curbs on its nuclear programme. Sanctions are unlikely to be removed until next year, as the deal requires approval by the U.S. Congress. Nuclear inspectors must also confirm that Iran is complying with the deal.  While the Iranian and U.S. presidents have been promoting the accord, hardliners in Tehran and Washington have spoken out strongly against it.
Many European companies have already shown interest in reestablishing business in Iran, with Germany sending its economy minister Sigmar Gabriel on the first top level government visit to Tehran in 13 years together with a delegation of leading business figures.