Iran’s Oil Industry Needs $200bn Investment

Minister of Petroleum Bijan Zangeneh said that Iran’s oil industry’s upstream and downstream sectors require investments up to $200 billion, stressing that foreign resources should be attracted because domestic resources are not sufficient to provide for the investment.

To develop the joint fields and enhance recovery of oil reservoirs as well as secure development targets, we need investment totaling $200 billion,” he told reporters on Tuesday in a press conference to mark the 37th anniversary of the victory of Islamic Revolution in Iran.

The new oil contract models were devised with the objective of materializing this target by signing of new contracts,” he added.

He divided the required investment in the upstream sector of the oil industry to $130 billion and for the downstream sector including in the petrochemical, renovation and construction of new refineries at $70 billion.

(Source: Shana)

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