Petronas Chief: Malaysia not to back off from investment in Iran’s gas, oil fields

Kuala Lumpur, Oct 5, IRNA – Head of Malaysia’s National Oil Co., Petronas, announced Tuesday despite expiry company’s contract in South Pars Field, Petronas dose not intend to end cooperation with Iran would keep on investing in Iran’s oil an gas industries.

According to IRNA monitoring service, the Non Aligned Movement News Agency NAMNA reported the Petronas Managing Director Shamsul Azhar Abbas as adding, “In this juncture of time there are favorable opportunities for making investments in Iran.”

The Petronas chief reiterated, “Keeping in mind the existing potentials in Iran it does not seem rational for us to exit this high benefit market.”

Shamsul Azhar who was speaking at a press conference an in response to a reporter’s question whether Petronas would consider ending cooperation with Iran to remain intact from probable US retaliatory unilateral sanctions, emphasized, “Not at all, we are there to stay.”

He all the same stated, “We are not going to take control of the share of the Japanese oil firm Inpex at Iran’s huge Azadegan Oil Field./end