Iran firm sees $300mn growth in annual investment

Iranian oil technicians working on installations.

Iran’s Petroleum Engineering and Development Company (PEDEC) has witnessed a 300-million-dollar rise in foreign investments attracting during the Persian calendar year ending March 2013.

PEDEC Managing Director Nader Qorbani said on Sunday that the volume of foreign investment attracted by PEDEC rose from USD 1.1 billion in the 2011-2012 period to USD 1.4 billion in the 2012-2013 period.

He added that the “upward trend of investment attraction in the company would continue” in the current Persian calendar year (2013-2014).

Established in 2004, PEDEC is tasked with the development of hydrocarbon fields Iran shares with its neighbors.

On July 5, Iranian Oil Minister Rostam Qasemi said development of the country’s oil and gas industry is going on despite the escalation of illegal US-engineered sanctions against the Islamic Republic.

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

The sanctions came into force in early summer 2012.

In November 2012, the US Senate approved a new round of sanctions against Iran’s energy, ports, shipping and shipbuilding sectors.

The illegal US-engineered sanctions have been imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegation, arguing that as a committed signatory to the Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.

By Press TV


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