News ID: 316546
Published: 0317 GMT September 22, 2021

Iran eyes $145b investment in oil industry: Minister

Iran eyes $145b investment in oil industry: Minister

Iranian Minister of Oil Javad Owji said plans are underway to attract $145 billion from Iranian and foreign investors in the oil industry within the next four to eight years.

Speaking in a meeting with Zhong Guidong, the head of Sinopec’s Iran branch, Owji said the 13th administration is determined to bolster cooperation with Chinese companies, Shana reported.

During the meeting, Owji also underlined acquaintance with the Chinese company, and added that he knew about Sinopec's potentials to implement upstream and downstream projects.

“Last week, during my visit to the operational areas of Khuzestan Province, I visited Yadavaran field, where the first phase was developed by this company, and I was informed about the details of its development.”

The contract to develop Yadavaran field was inked in 2008 with China‘s Sinopec. Estimates have revealed that the in-situ oil reserves in Yadavaran stand at 31 billion barrels against the earlier estimate of 12 billion barrels.

The new figure has led to the possibility of defining phases 4 and 5 of the development plans for the joint field.

He stressed the importance of completing the development of Yadavaran field as a joint field between Iran and Iraq, and said: "Fortunately, Sinopec is fully acquainted with Iran and its oil and gas fields and has been present in the first phase of Yadavaran field development."

The minister also said that the 13th administration is ready to cooperate with Chinese companies to develop oil industry projects in the upstream and downstream sectors.


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