Iran’s minister of industry, mining and trade said in a meeting in Vienna that with the removal of sanctions international companies can play a large role in the process of privatization of public companies.

Mohammadreza Nematzadeh

Mohammadreza Nematzadeh

In a conference entitled Trade and Investment of Iran and Europe, Mohammadreza Nematzadeh said Iran’s reforms in foreign investment laws and removal of sanctions have created a good “opportunity for foreign and domestic investors to participate in car, steel, power and other companies” in the country.

He said the National Oil Company will not be privatized but parts of petrochemical companies and refineries will be sold.

Iran and the 5+1 reached a deal last week to curb Iran’s nuclear activities in exchange for the removal of international sanctions on Iran.

The trade minister spoke of Iran’s inclusion in Swift and other international transaction mechanisms following the removal of sanctions. Iran’s ability to engage in international trade had been severely restricted due to financial restrictions established against it by Europe and the United States.

The conference in Vienna during which Iranian officials have been trying to attract foreign investment to the country began on Thursday July 23 and will continue until Friday.