TEHRAN, Oct. 26 (Shana) � Deputy Managing Director of the National Iranian Oil Company (NIOC) for Investment and Finance Ali Kardor said the country�s oil industry need an investment of more than 250 billion dollars in the coming decade.

�During 2016-2025, our upstream sector needs 176 billion dollars and the downstream sector needs 77 billion dollars of investment,� he said.
Speaking at the energy and oil conference in Tehran, he introduced Iranian oil�s low finished costs as well as inexpensive human resource fees as an opportunity for investment of the international companies.

�Average finished price of crude oil per barrel in Iran is around five dollars and does not exceed 10 dollars,� he added, �Iran has the cheapest oil produced in the world.�
He said NIOC is planning development of its projects within the framework of new oil contracts to be unveiled next month in Tehran.

By SHANA