Iran requires more investment in oil and gas sector

Jul 18, 2004 02:00 AM

"In the next twenty years, Iran requires $ 6 bn of investment per year in its gas and oil sector." Iran’s OPEC Governor, Hussein Kazempour Ardibili was quoted as saying.
Addressing the conference of “Development and Energy Cooperation”, Ardibili referred to the fact that more than half of the world oil reserves are located in Saudi Arabia, Iran and Iraq adding: "Such rich resources in view of the low costs of production and short distances from the Eastern markets make Iran a suitable ground for supplying Asia with energy and for joint investments."

He stated that joint cooperation between Asian countries concerning the oil resources of the OPEC member states including Iran and these countries investment in such fields as excavations, extraction, production and transfer plays a significant role in stabilizing world market in the future.

Source: IranMania News
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