Azerbaijan, Baku, July 12/Trend M. Moezzi
Iran's Oil Ministry has presented the government with a proposal to direct 25 per cent of oil income and 75 per cent of gas condensates production to developing the country's oil industry.
"If the proposal is approved," said Oil Minister Rostam Ghasemi," then the ministry can present domestic and international banks with attractive proposals for investing in Iran's oil industry, the Iranian Students' New Agency (ISNA) reports.
Speaking at the conference on Developing New Strategies for Iran Oil and Gas Upstream Sector, Mr. Ghasemi added that Iran's oil industry has a lot of work to do to catch with world standards in quality, time and preserving development and production.
Despite the international sanctions levied against it, Iran's oil industry will receive more funding this year, said the minister who added that the $50 billion needed by the oil industry isn't significant compared to Iran's $1.2 trillion capital turnover.
Iran is in a standoff with the West over its nuclear programme. Iran contends its programme is civilian and peaceful while the U.S. and its allies insist it is military in nature. The U.S. has led sanctions against Iran's oil industry and its central bank.
The European Union imposed a full embargo on purchasing oil from Iran starting July 1.
The Organisation of Petroleum Exporting Countries (OPEC) released its monthly report on Thursday which states that Iran's oil output decreased by 188,500 barrels per day during last month.
According to the report based on secondary resources, Iran produced about 2.963 million barrels crude oil per day in June, indicating a 600,000-barrel decrease compared to 2011.