$100 billion prospects for Iran oil investment: CEO

TEHRAN Oct. 19 (Shana) – Managing Director of the National Iranian Oil Company (NIOC) said there is the capacity of huge investments in Iran’s lucrative oil industry before foreign firms following removal of sanctions.

“In its deals with the international companies, Iran is after transfer of update knowledge and technology, attract investment and to gain their experience in modern administration of projects in the oil industry,” Rokneddin Javadi told reporters on Monday.

Speaking on the sidelines of the Iranian Petroleum and Energy Club 2015 Congress and Exhibition (IPEC 2015), he said Tehran is ready to increase its crude oil output for 500,000 barrels a day one week after sanctions are lifted.

The three-day conference which started one day after announcement of formal end to anti-Iran sanctions is going to discuss the theme Post-Sanctions Iran: An Open Door to Oil and Gas Investment Opportunities.
To a question, the deputy petroleum minister also predicted that global crude oil prices will climb to 70-80 dollars per barrel by end of 2016.

Javadi ruled out the possibility of exporting gas from Iran to Europe by pipeline and supported its shipment as LNG.

“It will not be economic to pump gas through a pipeline longer than 2,500 kilometers compared to LNG. If Europe is set as our gas export destination, it will not be economic because of the need to lay a 4,000 kilometer gasline,” he added.

Invited speakers to the IPEC 2015 conference include representatives from OPEC, GECF, IEF, Total, Eni, Ansaldo, World Petroleum Council, OMV, Mistsui, Siemens, Mitsubishi Hitachi Power System, Linde and Mitsui.

By SHANA