29 Mar 2024
Monday 18 January 2016 - 15:35
Story Code : 197417

Post-sanctions Iran oil industry requires $200b investment: Veep

TEHRAN, Jan. 18 (Shana) Iranian First Vice President Eshaq Jahangiri said he was informed by the Ministry of Petroleum that the oil industry is in need of 200 billion dollars in investments to develop following removal of the sanctions which mainly targeted the industry.

Naturally, with such an investment in the oil industry during the Sixth Development Plan, a great industry will be formed around it and it will create a considerable employment, he said during a visit to the Ministry of Petroleum on Monday, one day after implementation day of the nuclear Joint Comprehensive Plan of Action (JCPOA) reached last July between Iran and P5+1 group of world powers.

Provision of financial sources is not the sole function of oil industry, rather it is the main axis of the countrys economic development, he said, adding Today, Irans economy is being shaped by oil revenues.

Jahangiri also said that Irans oil industry endured the bulk of pressure under sanctions and managed to step out of it victoriously.
He said that Irans export of oil will increase in the coming days and that it will further grow on a daily basis.

Minister of Petroleum Bijan Zangeneh said it was expected that the oil industry will take a significant step after the sanctions are lifted.
He said the theme of the meeting between Jahangiri and the ministrys senior directors was the activities and plans within the framework of the resistive economy.

By SHANA
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