TEHRAN, Oct. 26 (Shana) – Deputy Managing Director of the National Iranian Oil Company (NIOC) for Investment and Finance Ali Kardor said the country’s oil industry need an investment of more than 250 billion dollars in the coming decade.
“During 2016-2025, our upstream sector needs 176 billion dollars and the downstream sector needs 77 billion dollars of investment,” he said.
Speaking at the energy and oil conference in Tehran, he introduced Iranian oil’s low finished costs as well as inexpensive human resource fees as an opportunity for investment of the international companies.
“Average finished price of crude oil per barrel in Iran is around five dollars and does not exceed 10 dollars,” he added, “Iran has the cheapest oil produced in the world.”
He said NIOC is planning development of its projects within the framework of new oil contracts to be unveiled next month in Tehran.