Oil Minister Bijan Zangeneh said that Iran’s oil industry’s upstream and downstream sectors require investments up to 200 billion dollars stressing that foreign resources should be attracted because domestic resources are not sufficient to provide for the investment.
“To develop the joint fields and enhance recovery of oil reservoirs as well as secure development targets, we need investment totaling 200 billion dollars,” he told reporters on Tuesday in a press conference to mark the 37th anniversary of the victory of Islamic Revolution in Iran.
“The new oil contract models were devised with the objective of materializing this target by signing of new contracts,” he added in a Shana report.
He divided the required investment in the upstream sector of the oil industry to 130 billion dollars and for the downstream sector including in the petrochemical, renovation and construction of new refineries at 70 billion dollars.
“To develop our oil industry, our domestic resources are not sufficient,” Zangeneh said, “Therefore, we have to think to provide it through foreign resources and be after acquiring of technology.”
The minister also said that the 1979 Islamic Revolution was a divine grace when nobody could imagine that Iran can be an independent nation that can decide on its fate.