TEHRAN, Aug 22 (Shana) � Director of International Affairs at National Iranian Oil Company (NIOC) Mohsen Qamsari says Iran is in a dire need for foreign investments for maximum recovery of its oil and gas fields, saying any delays in development of joint fields will incur irreparable damage on the country's petroleum industry.

Speaking to Shana, Qamsari said the latest figures show that Iran would need at least $100b in foreign finances for carrying out the projects it has pitched for its oil and gas industry development.

"Presence of foreign investors for promoting Iran's oil and gas projects financially is a necessity for the country," he said, adding, "Foreign investments will not only prevent diminishing production from oil and gas fields, but help develop underground reserves."

"The damage incurred on Iran from every day of not developing its joint oil and gas fields is irreparable for the country's oil industry."

By SHANA