Iranian oil industry needs $100 billion investments
Almaty. October 5. Silkroadnews – Iran's oil industry needs $100 billion investments, Trend reports.
«Iranian Oil Minister Bijan Zanganeh said that Iran needs $100 billion investments in oil production. According to him, the crude output raise at the joint fields should become a national issue. Thus, the major task for the oil industry while developing a new model of oil contracts is the fields' crude output growth of the mining fields. He expressed the hope that the oil production increase will become a national issue», the statement says.
He noted that the Oil Ministry welcomes cooperation with all the companies contributing to oil industry development through capital and advanced technologies provided to raise the crude output. However, he pointed out that the Yaran, Maroun and Kupal fields are the subject of contracts.
According to the minister, some contracts will be signed on March 20, at the end of the current Iranian year. He added, the contracts to be signed in the second half of the current Iranian year will be valid within the framework of a new model of oil contracts.
When asked about the oil market's reaction to OPEC's decision on the level of production, B. Zanganeh said it has been positive until now and added that removal of any excessive oil supply will help to improve the situation. He also added the non-OPEC producers' cooperation will be even more effective.
