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Iran’s domestic contractors to implement all oil and gas projects

Iran Materials 2 December 2011 11:43 (UTC +04:00)

Azerbaijan, Baku, Dec. 2 / Trend M. Moezzi/

All of Iran's oil and gas projects will be given to Iranian contractors by the end of the current year (Iran's solar year ends in March), IRNA reported an oil minister saying.

While foreign contractors face no restrictions in getting contracts, Iran won't wait for them said Alireza Mir-Mohammad Sadeghi, Deputy Minister of Petroleum in Management and Development of Human Resources. The Oil Ministry hired about 7,000 people this year, according to Sadeghi.

Iran's oil industry's infrastructure needs more than 500 trillion rials (about 50 billion U.S. dollars) of investments to achieve Iran's 20-year economic perspective plan goals.

"By the end of the fifth development plan (2015), the country's oil production should increase to 5.2 million barrels per day (bpd) and this should happen from the country's joint fields," ISNA news agency quotes Iranian Oil Minister Rostam Qasemi as saying on Nov.27.

Iran produces 3.6 million barrels oil per day.

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