Iran allocates $255 billion to O & G development

Mar 04, 2014 12:00 AM

Iran has announced how it will invest $255 billion ear marked for its oil and gas industry, in its five year development plan, according to news site Iran Oil & Gas.

The plan states that Iran will invest $155 billion in the development of its upstream sector. The money will be used to improve and upgrade production capacity at the country’s oil and gas fields. By September 2013, $42 billion of this money had already been invested, leaving $113 billion to be invested before 2016.

Iran’s midstream oil sector will receive $21 billion worth of investment over the coming years. The money will be used to build new oil and condensate refineries.

The country’s midstream gas sector will receive $41 billion of investment. The money will be used to expand existing gas fields as well as increasing the capacity of the countries gas pipelines.
Iran will also invest around $38 billion in its petrochemicals industry.

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