Foreign companies line up after sanctions lifted against Iran

The adopted preliminary agreement on Iran's nuclear program provides a start for Western business groups to rapidly enter a potentially huge and undeveloped market. Energy and transportation companies are literally lining up to capitalize on changes in trade relations.

Oil and gas companies were at the head of the line, but there are other markets in Iran with huge potential, because this country has been behind the wall of sanctions for quite a long time. Fierce competition is also expected between Airbus and Boeing to supply spare parts and aircraft for Iran's aging fleet. The car and truck market is receiving close attention from Peugeot, which was formerly the dominant player in Iran, as well as Renault and General Motors.

Steel and aluminum producers are also hoping to enter the Iranian market, which has a favorable combination of cheap gas and ice-free ports. South Pars is one of the largest gas fields in the world and a supplier of light oil condensate that Shell was involved in before retreating in the face of extended Western sanctions. Oil executives say that while Iran is very promising, the government will have to offer attractive incentives.

However, the speed at which trade and investment opportunities will open up depends on how quickly banking arrangements can be rebuilt. Even if some financial sanctions are lifted, banks will draw their own conclusions about how safe it is to start a business with Iranian representatives. Swiss banks are already offering themselves as a fast-track alternative to EU banks, which will have to wait for the official lifting of sanctions.