News ID: 133388
Published: 0311 GMT December 21, 2015

Iran oil industry needs $150b investment: Official

Iran oil industry needs $150b investment: Official

Director general for strategic planning in the Oil Ministry said Iran's oil industry requires $150 billion in investment during the Sixth Five-Year Development Plan (2016-22).

Saeed Qavampour told Shana that the private sector and foreign investors are due to extend $100 billion to fund the projects.

"The rest will be financed from local sources which will mainly be directed to upstream oil and gas projects," he added.

According to the official, the ministry's strategic objectives include increasing oil, gas, and oil refinery feedstock, increasing production capacity of petrochemical complexes, gas export and import, oil well injection, and production of Euro III and Euro IV gasoline.

He said export of gas will top Iran's energy plans, adding, "Iraq, Pakistan, the UAE and regional countries will be our destinations in the coming years."

Iran's export of gas will increase to 200 million cubic meters daily, Qavampour said.

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