Iran to support domestic investors in developing oil fields

Business Materials 27 August 2011 14:30 (UTC +04:00)

Azerbaijan, Baku, August 27/Trend/

Iran 's banks should pay more interest rate to domestic contractor and offer more facilities to development of joint fields, IRIB reported quoting Iran's Oil Minister Rostam Ghasemi as saying.

"The Oil Ministry plan to issue bonds and develop energy funds in domestic banks and attracts proper financial resource," he said.

He noted a total of $20 billion will be attracted into national development fund in current solar year (started on March 20, 2011) and the funds can be offered as loans to contractors.

The country needs a total of $40 billion new investments in current year to implement projects in the oil industry.

Ghasemi said earlier acceleration of South Pars development plan and joint fields with Iraq are his major priorities and that domestic contractors will be supported to develop joint fields and other projects.

Iran 's oil minister Rostam Ghasemi previously served as Iranian Revolutionary Guard Corps Brig Gen and commander of Khatam al - Anbya Construction Headquarters

Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia, but faces sanctions over its nuclear program.

Most of foreign giant oil and gas companies have halted their activities in Iran because of international sanctions imposed by UN Security Council and the West countries against Iran.