Iran needs $ 170 bn oil investments in 10 years

Sep 29, 2005 02:00 AM

Iran's Former oil minister said that Iran needs to invest some $ 170 bn in its hydrocarbon industry over the next two five-year development plans to achieve its 10-year oil and gas production targets.
Bijan Namdar-Zanganeh told the Seminar on Data Control and Telecommunications in Oil Industry that the former Khatami administration’s long-term oil industry development schemes can turn Iran into the top regional country in terms of technology and economic and industrial interaction with the world.

He said the country needs to be able to produce seven mm barrels of crude oil per day and export $ 20 bn worth of petrochemicals per annum in the next 10 years.
Zanganeh, whose 22-year ministerial career ended after President Mahmoud Ahmadinejad assumed office, said the country still does not know many important trade rules.
“Absolute self-sufficiency makes little sense in today’s world,” he said, adding that greater interaction with the world will facilitate transfer of technology to industries.

Noting that President Khatami’s administration managed to have 60 % of oil industry projects implemented by Iranian companies, he called for greater support for general contractors involved in oil projects.
Oil prices have hit record highs in recent months, bringing a huge wealth for oil-based economies like Iran.

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