Developing joint oilfields, ministry’s priority

Business Materials 21 June 2010 11:33 (UTC +04:00)

The Iranian oil minister stated in 5th National Congress on Economy & Energy on Sunday that developing joint oil and gas fields are top priorities of the administration and the oil ministry.

The Islamic Republic of Iran Broadcasting quoted Masoud Mirkazemi as underling that investments in oil and gas sectors had tripled in the Fifth Socio-Economic Development Plan (2010-15).  

He stated that efforts should be made to produce prosperity in the energy sector and reduce inflation in the country by sticking to the Subsidies Reform Plan.

Increasing the price of energy in Iran will result in one-digit inflation, he claimed.

He went on to say that 40 and 60 percent of the income earned from selling energy is spent on subsidies given to homes and businesses respectively without any levy being charged on it by the government.