Deputy Head of the National Iranian Oil Company for investment and financial resources, Ali Kardar said on Tuesday that $100 billion is needed in the upstream sector and 80 billion dollars in the downstream sector in order for development of oil industry in the 6th Five-Year Economic Development Plan (2016-2021).
Kardar told a group of the NIOC officials that in the past years, about 70 to 75 billion dollars investment was made in the oil sector.
He said the target of $100 billion investment in the energy sector seems logical and the development parameters is attainable with respect to eight percent economic growth rate.
On the NIOC plan to provide 100 billion dollars investment in the oil industry in the 6th plan, Kardar said 14 billion dollars out of the total will be met out of National Development Fund resources, 10 billion dollars out of the IPCF contracts, eight billion dollars out of the capital market, 12 billion dollars through facilities, 25 billion dollars within framework of new oil contracts and the rest from the company’s resources.
