TEHRAN Oct. 12 (Shana) -- Iranian Petroleum Minister Bijan Zangeneh says any deal with Japanese companies is subject to implementation of the Joint Comprehensive Plan Of Action (JCPOA) which Tehran and the P5+1 powers endorsed in Vienna on July 14 for removal of sanctions on Iran.
"Iran and Japan can cooperate in the petrochemical, refining, distribution and LNG sectors," said Zangeneh following a meeting with visiting Japanese Foreign Minister Fumio Kishida here in Tehran.
"The JCPOA must be implemented before joint ventures in Iran can be put out to tender," said the Iranian official, stressing that direct investments by companies will obviate the need for holding tenders.

He said talks with representatives of Japanese companies are on the go with Iranian officials and this is the second visit by high-ranking Japanese officials since the July nuclear deal.
Zangeneh said Japanese services companies will need to provide insurance coverage for their activities in Iran if they are willing to expand their presence in the country.

"By relying on their insurance coverage, Japanese firms will be able to finance their desired projects," he said.
"In the past, the two countries had good cooperation and we hope that their mutual ties will lead to generation of wealth after the sanctions relief," added Zangeneh.

"We expect Japan to resume its oil recovery from Iran to the pre-sanctions levels," he said.
He further said Iran is prepared to consider bids by Japanese companies.

By SHANA