Danish firms to invest in Iran’s oil industry

Baku, Azerbaijan, Nov. 24

By Fatih Karimov – Trend:

Danish companies are interested in investing in Iran’s oil industry, Denmark's Ambassador to Tehran Danny Annan said.

Annan made the remarks during a meeting of an oil-trade delegation from Denmark with Morteza Emami, managing director of Industrial Projects Management Company, SHANA news agency reported.

Annan said Denmark’s exports to Iran have increased by 78 percent during the past one year, expressing hope that the sides will continue fruitful cooperation.

He further said that Iran’s energy sector promises good opportunities for cooperation.

Denmark is ready to transfer technology to Iran in energy sector, Annan added.

Danish entrepreneurs, who were present at the meeting announced their willingness to cooperate with Iranian counterparts in offshore oil sector, in particular in the Caspian Sea.

The companies also expressed interest to open an office in Tehran.

Emami, for his turn, said Iran’s new model of oil contracts facilitate investments in its oil and gas sector.

He added that Iran’s oil industry needs $200 billion of investment for development based on the country’s sixth 5-year national development plan (2016-2021).

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

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.

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.

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