Iran’s Minister of Petroleum Bijan Namdar Zanganeh (file photo)

Iran needs $200b for developing oil projects: Min.

Shana — Iranian Minister of Petroleum Bijan Zangeneh says Iran will need 200 billion dollars for financing oil and gas projects under the 6th development plan of the country.

Speaking after a ceremony to sign a deal between National Iranian Oil Company (NIOC) and an consortium comprising Total, China’s CNPC International and Petropars in Tehran on Monday, Mr. Zangeneh said $130 billion dollars will be invested in upstream projects and the rest will be allotted to developing downstream projects in the industry.

He said over 70% of the amount can be supplied by tapping foreign resources, adding, “We need foreign investments in order to reach the envisaged 6 million barrels per day of crude oil and condensate output under the 6th development plan of the country.”
The official also said that arrangements for holding a tender for developing Azadegan Oilfield.