Iran Oil Needs $250bn Investment over 10 Years

The National Iranian Oil Company’s (NIOC) Deputy Managing Director for Investment and Finance, Ali Kardor (pictured), has said the country’s oil industry needs an investment of more than $250 billion over the coming decade.

During 2016-2025, our upstream sector needs 176 billion dollars and the downstream sector needs 77 billion dollars of investment,” he said.

The average finished price of crude oil per barrel in Iran is around five dollars and does not exceed 10 dollars,” he added, “Iran has the cheapest oil produced in the world.”

He said NIOC is planning development of its projects within the framework of new oil contracts to be unveiled next month in Tehran.

(Source: Shana)

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