TEHRAN, Iran, Jan. 28
Iran's Oil Industry Pension Fund eyes to invest $3 billion over three years, mainly in the oil and energy sectors, Abdol Hossein Bayat the Chairman of the Board of Iran Oil Industry Pension Funds announced, Trend reports citing Mehr News Agency.
According to Iran oil Minister Javad Owji, Iran needs $160 billion worth of investments in its oil and natural gas industries in the coming years, to avoid becoming a net importer.
Javad Owji previously said that because of lack of investments in the past, the country is now facing with a stark choice – invest $160 billion in its oil and gas sector or face declining output and eventually imports of fossil fuels.
Iran’s government is in the process of drafting the budget for the next Iranian year that starts on March 21, 2022, amid a serious shortfall of revenues.
In the current year, the budget had a 50-percent deficit or the approximate equivalent of one year's full oil export revenues. But because of US sanctions, Iran sells much less oil and has little cash income for what it can ship in illicit ways.