Iran oil industry needs $150b investment: Official

TEHRAN, Dec. 21 (Shana) – Director General of Strategic Planning in the Ministry of Petroleum said Iran’s oil industry requires 150 billion dollars of investment during the Sixth Development Plan (2016-2022).

“In the meantime, the private sector and foreign investors are due to fund 100 billion dollars of the projects,” Saied Qavampur told Shana.
“The rest will be financed by local sources which will mainly be directed to upstream oil and gas projects,” he added.

According to the official, the ministry’s strategic objectives include increasing oil, gas, and oil refinery feedstock, increasing production capacity of petrochemical complexes, gas export and import, oil well injection, and production of Euro III and Euro IV petrol.
He said export of gas will top Iran’s energy plans and added, “Iraq, Pakistan, UAE and regional countries will be our destinations in the coming years.”

“Iran’s export of gas will increase to 200 million cubic meters daily,” he said.