And while European and Asian firms have been involved in Iranian projects over the last six years, Iran wants U.S. firms to bring their cutting-edge technology to the table once the curbs are lifted. Hossein Kazempoor, Deputy Oil Minister for Iran, has said his country is keen to increase its oil and gas production by encouraging international companies to participate in the development of these sectors. Gaining an understanding of the realities of the international economic and political scene is a basic necessity of the new century, Kazempoor pointed out. He said the world community has learned many lessons from the variety of economic and political crises of the past century. And, he adds, despite its ups and downs of the last decade, the general trend of global developments is fortunately positive.
Optimization requires cooperation of all parties.
And in light of tremendous developments in the international economic system, the time has now come to make the international energy trade system free, efficient and transparent by removing roadblocks from its path. Like Iran, Algeria recently demonstrated its growing acceptance of globalization by proposing a new hydrocarbon law to effectively open its energy sector to outside investment. The bill, if adopted, will make Algeria more attractive to outside investors and end the state-owned oil and gas firm Sonatrach's monopoly on the internal energy market. The company would focus on its business activities and would face competition and bidding for Algerian energy contracts on the same footing as outside companies. The new law would set up a new government agency to award exploration and production contracts through international bidding.