Iran Needs $200bn to Develop Oil Projects

Iranian Minister of Petroleum Bijan Zangeneh says Iran will need 200 billion dollars for financing oil and gas projects under the 6th development plan of the country.

Speaking after a ceremony to sign a deal between National Iranian Oil Company (NIOC) and an consortium comprising Total, China’s CNPC and Petropars in Tehran on Monday, Mr. Zangeneh said $130 billion dollars will be invested in upstream projects and the rest will be allotted to developing downstream projects in the industry.

He said over 70% of the amount can be supplied by tapping foreign resources, adding, “We need foreign investments in order to reach the envisaged 6 million barrels per day of crude oil and condensate output under the 6th development plan of the country.”

The official also said that arrangements for holding a tender for developing Azadegan Oilfield.

(Source: Shana)

No comments yet.

Leave a Reply