Iran signs new oil and gas contracts worth $50b
Azerbaijan, Baku, Feb. 8 /Trend, A.Yusifzade /
New oil and gas contracts of Iranian upstream oil industry worth $50 billion have been signed since the beginning of the current Iranian calendar year (started March 21, 2010), Mehr News Agency reported quoting Iranian Deputy Oil Minister Ahmad Galebani as saying.
"Next year (Starting March 21, 2011) will come as the first year of Iran's Fifth Five-Year Economic Development Plan, when roughly $200 billion are to be invested in oil industry," Galebani said.
Iran's Fifth Five-Year Economic Development Plan is part of the 20-Year Outlook Plan (2005-2025), which is the country's main blueprint for long-term sustainable growth.
In late October 2010, Iranian Parliament approved the outlines of the Fifth Economic Development Plan in a vote of 131 to 44, with 17 abstentions.
The government also plans to gradually cut energy subsidies over the space of five years and has promised instead to compensate low income families with direct cash handouts.