Over $70 billion has been invested in various spheres of Iran's oil and gas industry including drilling, production, exploration and refining over the last four years; $48 billion of which accounts for internal investors and remaining part for foreign investors, Iranian television channel quoted Oil Minister Gholam Hossein Nozari as saying.
"By building oil refinery in Setar in the Persian Gulf, we will produce 35 million liters of petrol per day and will not import it," Nozari said.
Nearly $500 million is required to invest Iran's oil and gas industry to achieve goals of the development program which covers 20 years, the minister said.
Nozari said success has been achieved in various spheres of oil industry for the last four years.
"To strengthen position among largest gas supplier countries, gas production must be increased from 600 million cubic meters per day up to 1.100 billion cubic meters per day as a part of the program," Nozari said. This indicator will reach 1.5 billion cubic meters of natural gas.
The minister said oil production will reach 5.3 million barrels per day under the program. "Annual potential of petrochemical production will be increased from 50 million tons up to 75 million tons," Nozari said.