Iran is not going to set up a joint chamber of commerce with the United States. The statement comes from Iran Chamber of Commerce, Industries and Mines that denies media reports claiming such a thing to take place.

The statement says such a decision has not been made yet. According to the statement, the media reports claiming the formation of a joint Iran-U.S. chamber of commerce “lacked any legal basis.” Earlier it was reported that Iran was planning to set up a joint entity with its American counterparts in the next couple of months.

U.S. companies are not yet allowed to invest in the Middle Eastern country as the sanctions have not been lifted. Iran too has expressed interested in resuming business with U.S. companies. Bijan Zangeneh, Iran’s Minister of Petroleum, said his country would welcome American companies in its oil projects.

Iran Chamber of Commerce, Industries and Mines earlier reported that Tehran would host a joint economic committee meeting with Austria. A preparatory session will be held by Austria’s deputy ministers of economy and telecommunication in Tehran from Aug. 18 to Aug. 19.

It was reported that the U.N. Security Council endorsement had encouraged European companies to rebuild trade relations with Iran. Laurent Fabius was the first French foreign minister in 12 years to visit Iran.

A number of companies left Iran after the sanctions had been imposed. ConocoPhillips, having left the Islamic republic in 1995, said that it was interested in going back to Iran for business.

“Once we reach a stage when the problems have been solved and U.S. companies can return to Iran, we will of course consider that,” Press TV quoted ConocoPhillips CEO Ryan M. Lance as saying.