Norway allocates one billion USD credit for businesses with Iran: FM

Norway Foreign Minister Borge Brende said that his country has opened a one-billion U.S. dollar credit line to be used by its companies in their businesses with Iran, Press TV reported on Sunday.

"Norway encourages its companies, banks and monetary institutions to launch cooperation with Iran," Brende said in a meeting with Iran's Economy Minister Ali Tayyebnia on the sidelines of World Bank-IMF annual meetings in Washington D.C..

"An export credit line worth one billion dollars has been allocated to Norwegian companies. Out of it, 400 million U.S. dollars will be used to export advanced technologies to Iran," he said.

Iran could be an excellent trade partner to Norway given its high stability and political security as well as the upward trend of its economic growth, he added.

Tayyebnia also urged close cooperation between the banking sectors of both countries, saying that "initiating banking ties between Iranian and Norwegian banks would also facilitate escalation of bilateral economic ties."

Tayyebnia also called for an ease of taxation and customs services between the two countries and signing investment contracts.

Norwegian companies have participated in a number of joint ventures with their Iranian and international partners carrying out oil and gas-related projects inside Iran.

Reportedly, Norway's Statoil teamed up with Iran's Petropars over the development of Iran's South Pars oil field and completed the project in 2009.

Also, Norway's Hydro company teamed up with Russia's Lukoil to explore Khorramabad oil bloc in western Iran. The project led to the discovery of Anaran oil field in 2005. Endit