Iran’s energy market is poised for significant investment following the lifting of international sanctions. Just recently, Hamid Chitchian, Iranian energy minister met with representatives from Siemens and Rolls-Royce to discuss collaboration in power generation technology.
Economic sanctions were lifted in January on the basis that Iran scales back its nuclear activities, opening up the power sector to overseas investment.
Since then, numerous agreements have been signed with partners abroad for bilateral energy sector cooperation. The country has also entered into numerous deals to reinforce its energy infrastructure through smart grid technology including smart meters, and broadband network development. [S.Korea signs MoU to develop broadband networks in Iran]
The ICT market in Iran is currently estimated to be worth $19 billion and is expected to reach $29.8 billion in size in 2020.
Furthermore, Iran is reportedly planning its first tender for utility-scale renewable energy projects, as it looks to install five gigawatts of renewable energy over the next five years.
According to Mohammad Hassan Habibollahzadeh, Chargé d'affaires of the Islamic Republic of Iran to the UK: “Foreign direct investment dried up during the sanctions but it is already starting to flow.
“Many companies have signed agreements during the last few months. Electricity is considered to be one of the most important sectors.” [Iran smart meters: Kamstrup bags deal as EU lifts sanctions]
Iran’s fervent efforts have reaped some fruitful wins thus far and is certainly a market to watch as its energy market ‘opens for business’.
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