National Iranian Oil Company boosts capital to $36 billion
Azerbaijan, Baku, Sep.30/ Trend F.Karimov/
The National Iranian Oil Company (NIOC) has boosted capital to 894.562 trillion rials, about $36 billion, the Mehr News Agency reported.
The Iranian cabinet has approved the capital boost.
An international energy research magazine has ranked the NIOC as the world's second largest oil firm.
In a report by Petroleum Intelligence Weekly (PIW), the NIOC was ranked the world's second biggest oil company after Saudi Arabia's Aramco in terms of the extent of operations as well as oil and gas reserves and products.
The PIW report ranked Qatar Petroleum, the Iraq Oil Company and Venezuela Oil Company after the NIOC.
According to a report issued by the NIOC, some $229 million was invested in oil and gas exploration projects in the previous year.
Recoverable reserves of up to 1.891 billion barrels of crude oil and 388 billion cubic feet of natural gas were discovered.