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Iran’s oil sector poised to attract $200b of investments by 2021: official

TEHRAN- “Iran is slated to absorb up to $200 billion of investments under the aegis of the Sixth National Development Plan and thanks to the country’s refreshed economic and international atmosphere in post-sanction era,” General Director of Strategic Planning in National Iranian Oil Company (NIOC), Saied Ghavampoor, told SHANA on Monday.

As Ghavampoor described, the share of foreign investors and Iranian private sector from the announced figure may stand at $130 billion and the remained required amount would be supplied by financial resources of the NIOC.

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On April 2, Iranian Oil Minister Bijan Namdar Zanganeh outlined prioritized plans for the development of oil industry in the new Iranian calendar year which began on March 20.

With overcoming financial problems, the minister said, the plans are afoot for rapid development of new projects in the shared oil and gas fields especially in South Pars gas field (which Iran shares with Qatar in the Persian Gulf) and West Karoun oil fields (five oilfields which Iran shares with Iraq at the western part of Iran's southwestern region of Karoun).

According to Zanganeh, the high priority is set on clinching new deals for development of shared oil and gas fields as well as enhancing the extraction of oil from existing fields within the framework of the country’s new model of oil contracts dubbed as Iran Petroleum Contract (IPC).

HJ/MA

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