US firms poised to seize trade opportunities in Iran

There are a plenty of American companies itching to do business with Iran, and tough competition between European and US firms will shape once sanctions against Tehran are lifted, a report said. According to a press tv report, the US oil giants are keen to get into the Iranian oil and gas sector before big European oil companies like French Total S.A. and Royal Dutch grab the chance. It also cites a Le Figaro report that General Motors Co. is planning to cooperate with Iranian vehicle manufacturer Iran Khodro Co. (IKCO). In addition, US companies are bracing for the race with their European rivals to get into the Iranian consumer goods market given the fact that the Islamic Republic enjoys the biggest market for consumer goods in the Middle-East with a population of nearly 80 million people. Meanwhile, US Secretary of State John Kerry is trying to convince the Senate to temporarily halt imposing new sanctions against Iran amidst ongoing talks over Tehran’s nuclear energy program. Kerry is scheduled to brief the Senate Banking Committee on Wednesday on the recent round of negotiations between Iran and the five UN Security Council members - Britain, China, France, Russia and the US - plus Germany which was held on November 7-10 in Geneva. While the next round of talks between Iran and the six major world powers is slated for November 20, the US Senate banking committee is considering additional sanctions against Tehran. On Tuesday, the White House warned US lawmakers against thwarting President Barack Obama’s diplomatic efforts in dealing with Iran’s nuclear program. "The American people justifiably and understandably prefer a peaceful solution” to Iran’s nuclear issue “and this agreement, if it's achieved, has the potential to do that," White House spokesman Jay Carney said. Israel, furious at the recent Geneva talks, is spearheading a campaign to block any deal between Iran and the six powers over Tehran’s nuclear energy program.