Iran oil sector needs $50b investment

TEHRAN June 21(Shana)–Iran’s petroleum industry needs $50 billion in annual investment, a senior lawmaker said.

“The petroleum industry needs $50 billion in investment annually for development and preservation of the current situation,” Amir-Abbas Soltani, secretary of the Energy Committee of the parliament, said.

He expressed optimism about attraction of investment into the petroleum industry despite the persistence of sanctions and oil price fall.

Soltani said the bulk of investments in the petroleum industry would go to the South Pars gas field in southern Iran.

He said that Iran’s rivals, jointly operating hydrocarbon fields, have invited companies from South Korea, Japan, US and Europe to accelerate recovery from their shares.

He said Qatar is currently supplying 9% of world’s gas due to the presence of foreign companies.