Iran plans $3b investment for developing 10 oil reserves

SHANA – National Iranian South Oil Company (NISOC) is planning a $3 billion investment for developing 10 oil reserves in the country within the next two years.

An NISOC official, Abdollah Mousavi, said the company will dip into the National Development Fund of Iran for funding the projects.

Addressing the closing ceremony of an exhibition on oil industry in the southwestern province of Khuzestan, Mousavi said the projects will generate many jobs in the province and other oil-rich areas of the country.

He further added that the newly-developed model of oil contracts as well as the ones developed by NISOC will be used for linking foreign developers with Iranian ones in developing the projects.