Domestic financing resources hardly meet Iranian oil industry needs
Azerbaijan, Baku, Feb. 9 / Trend, A.Yusifzade /
Domestic financing resources will not meet Iranian oil industry needs, ILNA reported quoting Iran's Minister of Petroleum Seyed Masoud Mirkazemi as saying.
"If we rely only to internal resources of Iranian oil industry, we will fail to realize projects," Mirkasemi said.
According to Mirkazemi, the Fifth Development Plan, which covers the period from March 21, 2011 to March 20, 2016, envisages $150 billion in investment for the upstream section and $20 billion in oil refining and distribution, petrochemical and gas each.
According to the Iranian Oil Ministry, Iran's recoverable reserves amount to 151 billion barrels of oil and 33 trillion cubic meters of gas.
Iran's Fifth Five-Year Economic Development Plan is part of the 20-Year Outlook Plan (2006-2026), which is the country's main blueprint for long-term sustainable growth.
Following the adoption of Resolution No.1929 in June by the U.N. Security Council, the U.S. Congress passed a bill on unilateral anti-Iran sanctions on June 24, 2010.
EU leaders and foreign ministers proposed additional sanctions against Iran at the Brussels meeting last July. Foreign ministers of all EU countries approved additional sanctions against Iran at a meeting in Luxembourg on Oct. 25, 2010.