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Iran to prepare 5-year plan to develop oil industry

Oil&Gas Materials 29 June 2014 17:45 (UTC +04:00)

Baku, Azerbaijan, June 29
By Fatih Karimov - Trend: Iran will prepare a 5-year plan to develop its oil industry from 2015 to 2020.

The plan will be prepared based on principles to promote privatization meeting requirements of the economy of resistance outlined by Supreme Leader Ali Khamenei, Iran's Shana news agency reported on June 29.

Boosting production and exports of crude oil and petrochemicals, and expediting the development of joint oil and gas fields are among the objectives of the 5-year plan.

In February, Iranian Parliament (Majlis) gave the green light to the oil ministry to sign $5 billion worth of contracts with the private sector.

Iran also seeks to absorb more foreign investment in the oil and gas sector.

In September 2013, Iranian Oil Minister Bijan Namdar Zanganeh ordered the oil ministry officials to revise contracts in order to make them more attractive to foreign companies.

In February, Iran's Supreme Leader Ali Khamenei gave general outlines for a "Resistance Economy", with a main theme of supporting domestic production relying on national resources.

The leader emphasized improving economic productivity, supporting job creation plans, and enhancing social welfare indices.

He also highlighted the need for reforming the national financial system, increasing non-oil exports, implementing the subsidy reform plan, improving consumption patterns, and securing sufficient sources for food and drug imports.

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