Iranian SAIPA invests in oil projects
Azerbaijan, Baku, August 2 /Trend/
The Iranian SAIPA car manufacturing company wants to invest in two oil projects worth $200 and $330 million, SAIPA Managing Director Isa Hossein Panah said today.
SAIPA plans to participate in oil projects by investing $10 billion in the future, reported FNA.
"SAIPA plans to enter filed of oil drilling and signed a general agreement with Oil Ministry to invest $10 billion on this field during next five years," he said.
SAIPA has currently signed contract to purchase jack up from a foreign party worth $330 million and is negotiating to invest in the first stage of launching the Ferdousi oil field worth $200 million.
Ferdousi is estimated to produce from 200 to 300 million barrels of oil and the company plans to increase its investment on oil industry up to $10 billion, he noted.