Iran’s oil industry needs $150B worth of investment

Baku, Azerbaijan, Dec. 21

By Fatih Karimov - Trend:

Iran needs $150 billion of funds to be invested in its oil industry between 2016-2021, Saeed Qavampour, director for strategic planning of Iran's oil ministry said.

Based on the sixth five-year national development plan, which will be implemented in 2016 -2021, the ministry will attract the aforementioned assets mainly for its upstream oil and gas sector, Qavampour said, the oil ministry's SHANA news agency reported Dec. 21.

He further said that some $100 billion of the investment is expected to be materialized by the private sector and foreign investors.

Boosting oil, gas output and petrochemical production capacity as well as supplying more natural gas for power plants and more feedstock to refineries and producing high quality gasoline conforming to Euro-4 and Euro-5 standards are among the priorities of the oil ministry within the sixth five-year national development plan, Qavampour said.

Gas export is also a priority for the ministry, he said, adding the regional markets including Iraq, Pakistan and UAE will be Iran's destination for natural gas.

Iran's gas export is planed to reach 200 million cubic meters per day by 2021, he said.

It was earlier announced that the country plans to boost oil production to 5.7 million barrels a day and gas output to 1.4 billion cubic meters a day by 2021.

Iran's current oil production is estimated to be around 2.8 million barrels per day of which about one million barrels are exported.

By holding 157.8 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil.

The Islamic Republic also holds 34 trillion cubic meters of proven gas reserves, sharing 18.2 percent of total global gas reserves, which puts the country in the top of the world's gas holders list.

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