Iran to increase investment in oil sector

Oil&Gas Materials 22 November 2021 10:13 (UTC +04:00)

TEHRAN, Iran, Nov.22


Iran Ministry of Oil is seeking to improve investment in its plans by creating win-win situations in contracts, said the Deputy Oil Minister, Trend reports citing IRNA.

There should be drafted plans in the upstream section to increase revenues alongside attracting investment in the downstream, Mohsen Khojaste Mehr noted.

"People can invest in the oil industry in addition to foreign investors. Domestic resources will finance development plans," the deputy minister added.

The National Iranian Oil Company will increase its share of revenues from crude oil and gas condensate export.

Promoting the export of technical and engineering services is on the ministry's plan.

The oil industry has essential missions in the coming years, so it is necessary to integrate investment management and businesses for diversities, he said.