Iran’s NIOC allocates $600 million for research in the oil sector
Azerbaijan, Baku, Feb. 27/ Trend F.Milad/
The National Iranian Oil Company has allocated 7.23 trillion rials (some $600 million) for the implementation of research and technological plans aimed to help boost domestic oil production, an official with the NIOC said on Monday.
Mohammad-Ali Emadi told Shana news agency that some $250 million will be allocated during the next four years to complete mid-term oil development plans.
Oil Minister Rostam Qasemi said in August 2011 that the Iranian government should consider plans for the development of joint oilfields.
"The oil industry's infrastructure needs more than 500 trillion rials (about $41 billion) of investment to achieve the objectives of the country's 20-Year Economic Outlook Plan," Mr Qasemi was quoted as saying.