Azerbaijan, Baku, Feb. 22/ Trend F.Milad/
Iran is up for any initiative Saudi Arabia can offer to develop oil fields which are associated with the two countries, the managing director of the Iranian Offshore Oilfields Company (IOOC) said.
Mahmoud Zirakchianzadeh told Mehr news agency that the Islamic Republic of Iran pursues the policy for participation instead of competition with its neighbouring countries for tapping oil and gas reserves in the Persian Gulf.
He added that Iran is ready to participate with Saudi Arabia in developing the Farzad A oilfield in the region.
The National Iranian Oil Company announced in November that 20 development contracts will be signed by the end of the current Iranian calendar year (March 19, 2012) for oilfields in the Persian Gulf.
Oil Minister Rostam Qasemi said in August 2011 that the oil industry's infrastructure needs more than 500 trillion rials (about $41 billion) of investment to achieve the goals of the country's 20-Year Economic Outlook Plan (to end in 2025).