Iran oil sector needs $30b a year

Iran's deputy petroleum minister Mansour Moazzami

Iran’s deputy petroleum minister Mansour Moazzami

TEHRAN Feb 28(Shana)–Iran’s petroleum industry needs $30 billion in investment annually for its development projects, a deputy petroleum minister said.

“The petroleum industry needs $30 billion in investment ever year for preserving production and operating development projects of this industry,” Mansour Moazzami said.

“Reduced investment in the petroleum industry [in recent years] has delayed or called a halt to development projects,” he added.

Moazzami also said that Iran is expected to raise its gas production by 100 mcm/d next calendar year which starts on March 21.