Iran's Oil Minister Rostam Qasemi says the ministry plans to invest USD 30 billion dollars in the country's petroleum industry in the current Persian year (beginning March 21, 2013), Press TV reported.
"Last year we invested USD 25 billion dollars in the National Iranian Oil Company (NIOC) alone despite the difficult conditions of the petroleum industry," Qasemi said Saturday.
The Iranian Oil Minister made the remarks at a press conference on the sidelines of the 18th International Oil, Gas, Refining, and Petrochemical Exhibition in Tehran.
"This year we hope to invest USD 30 billion dollars in the petroleum industry," Qasemi added.
The 18th International Oil, Gas, Refining, and Petrochemical Exhibition opened at Tehran's permanent International Fairgrounds on April 18.
Referring to the punitive measures imposed against the Islamic Republic's energy sector by the West, Qasemi said, "The achievement of sanctions was the production of many items inside the country."
Qasemi added that indigenous production of equipment would eliminate the country's need for foreign goods in the near future.
At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran's oil and financial sectors.
The sanctions, which prevent the EU member states from purchasing Iranian oil or extending insurance coverage for tankers carrying Iranian crude, came into effect on July 1, 2012.
The illegal US-engineered sanctions were imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.
Iran rejects the allegation, arguing that as a committed signatory to Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.