Iranian Oil Ministry to invest $50 mln in 4 projects
Baku, Azerbaijan, May 28
By Fatih Karimov - Trend: The Iranian Oil Ministry will invest about $50 million from its internal resources in four domestic oil and gas projects.
The sum will be spent on carrying out preliminary studies for building an NGL plant, developing the Darkhovin oil field, implementing the national dispatching project, and carrying out strategic studies by the National Iranian Oil Company, Iran's Mehr news agency reported on May 28.
USD official exchange rate is currently about 25,550 rials in Iran.
On May 6, Iranian Oil Minister Bijan Namdar Zanganeh said Iran supports all those who want to invest in the Iranian oil sector truthfully.
Iranian oil industry has proved its sustainability even through hard times, Iran's ISNA quoted Zanganeh as saying.
Since an interim agreement with the P5+1 group of Britain, China, France, Russia, the United States and Germany came into effect in January, Iran has been allowed to maintain its oil exports at around 1.2 million barrels per day (bpd).
Despite such numbers being higher than in recent years, Iran's oil exports are a fraction of what they were before sanctions - the country was shipping 2.5 million bpd of crude abroad in late 2011.
President Hassan Rouhani and Oil Minister Bijan Namdar Zanganeh have said in recent months Iran would benefit from the investment and technology transfer that international oil companies can deliver.