North-east firms will be welcomed into Iran as its huge oil and gas industry seeks foreign support, an expert on the newly opened market said yesterday.
Jamie Stark, a partner at law firm Burness Paull specialising in oil and gas services and regulatory compliance, said there were a wealth of new opportunities in the Middle East country as a result of the recent lifting of trade sanctions.
But there were still many potential obstacles and pitfalls, he warned, adding companies hoping to enter the market needed to be careful.
Mr Stark said: “Iran represents a significant opportunity to UK businesses.
“It’s got a sizeable economy which has been closed off from international business for a number of years, and has a lot of catching up to do.
“The country has very significant oil and gas resources, and there are plenty of Aberdeen companies with technical expertise and know-how to help develop them.
“We are all aware of the current challenges on the UK continental shelf, meaning more north-east companies need to export their expertise and look for new profitable markets.”
The US has lifted so-called “secondary sanctions” – affecting non-US individuals or companies – but still has a ban on US nationals and companies doing business with Iran.
Mr Stark said this could lead to problems for UK firms with US interests and also British-based subsidiaries of American companies.
And US-based financial backers may baulk at the idea of a company they have invested in getting involved in Iran, he said.
But these and another challenges can be overcome, with expert guidance, he added.
Mr Stark is among the panel members for a seminar – Iran: New Markets and Opportunities – at the Chester Hotel in Aberdeen tonight.
He will be joined by Deloitte partner Stacey Winters, an expert on global export control and sanctions, and two Edinburgh-based Iranians – brothers Ali and Mike Afshar – who will give an overview of Iran and its post-sanction opportunities.
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