A former member of US nuclear negotiating team says exporting natural gas, not oil, will provide the best economic opportunity for Iran in a post-sanctions era.
"If I had to bet, I would say that natural gas is where Iran chooses to spend most of its external investment as well as its internal investment," said Richard Nephew, who was the lead sanctions expert for the US negotiating team that was engaged in multiple-year talks with Iran, Press TV reported.
"If you're thinking like an Iranian and seeing the Saudis playing for (oil) market share, you're not going to want to compete in a playground where you're not going to be able to win," Nephew has told the USA Today in an interview.
He has emphasized that Iran has strong motivations to pursue plans to export its natural gas to regional states as well as Europe.
Richard Nephew, the former lead sanctions expert for the US nuclear negotiating team.
With Europe looking for alternatives to lessen its dependence on Russian gas, and the potential for more Western sanctions on Moscow because of its actions in Ukraine, "there's every incentive in the world for Iran to exploit its advantage in natural gas," said Nephew, now working as an Iran and sanctions specialist with the Columbia University Center on Global Energy Policy.
He further emphasized that no plan is on agenda for US-based enterprises to make any manor investment in Iran, specifically in the country’s oil industry.
"There may be some licenses granted to some companies for things like agricultural products, food and airplanes, but you're not going to see the oil companies, I think, going into Iran until the US primary embargo…is lifted, and that's not going to happen any time soon," said Nephew.
Treasury hasn't issued any guidance for such transactions, and isn't likely to do so until October, he added.
Nephew further emphasized that the best hope for US companies regarding Iran may be to work through their foreign subsidiaries.
A provision in the nuclear agreement indicates such operations may be eligible for business with Tehran, but they will require special approval by the US Department of Treasury, the report by the UAS Today added.