Azerbaijan , Baku, March 16 / Trend, A.Yusifzade /
The Iranian Petroleum Ministry currently can invest just $12 billion in oil industry from various sources so lack of adequate investment in oil industry is a serious problem, IRNA reported quoting the spokesman of Majlis (Parliament) Energy Committee, Seyed Emad Hosseini as saying.
According to Hosseini, Iran needs to invest $142 billion in oil industry over the Fifth Five Year Development Plan (2011-2016).
Oil Minister Seyed Masoud Mirkazemi previously said Iran needs to invest $210 billion in its oil and gas projects during the fifth development plan for building and upgrading refineries and oil and gas networks.
Iran 's petrochemical production capacity would rise to 55 million tons per year up to the end of Fifth Five Year Development Plan through private sector's investment in the sector, Mirkazemi added.
"By launching all the South Pars gas field phases, Iran's yearly revenue from the field will rise to $110 billion based on calculating each barrel of oil $80," Mirkazemi stressed.
Pars Special Economic Energy Zone Managing Director (PSEEZ) Pirouz Mousavi said that at least $200 billion will be invested in Iranian oil industry and 40 percent of the total investment will be allotted for refinery and development projects in Pars Special Economic Energy Zone over the Fifth Five Year Development Plan.
In July 2010, the European Union imposed a new round of sanctions on Iran, which mainly sought to target investment and technical assistance to Iran's refining, liquefaction, and liquefied natural gas sectors.
Iran ranks third in the world in oil reserves and second in gas reserves.