Iran plans $180 billion energy investment

May 07, 2015 12:00 AM

Minister of Petroleum Bijan Zangeneh says Iran plans to splash out $180 billion to revive and renovate its oil, gas and petrochemical industries by 2022.

Addressing an energy security summit in Berlin, the minister said Iran has always been a reliable energy supplier, adding the country wants to regain its position in the energy market.

A series of sanctions by the US and the Europeans has reduced Iran’s oil exports to around 1 million barrels per day.

Zangeneh said Iran’s exports must return to the level before the sanctions at minimum of 4 million bpd.

“To reach this level, we need between seven and eight months and ultimately three years to produce 5.7 million barrels per day,” IRNA quoted him as saying.

“For Iran, which possesses the third or fourth largest oil reserves of the world, it is unacceptable to export as much oil as Azerbaijan,” the minister added.

Zangeneh said any nuclear deal between Iran and the West must include cancellation of all financial and energy sanctions. “What is important after abolition of sanctions is that we should regain our share in the global market.”

Zangeneh held important talks with German leaders, including Energy Minister Sigmar Gabriel on Thursday.

The minister was reportedly set to hold more talks with energy giants, including Siemens, Linde and Lurgi, about the release of Iranian LNG equipment and parts seized by German companies under the European sanctions regime.

According to Zangeneh, Germany was Iran’s prime energy partner in the downstream oil industry as well as its petrochemical, refinery, turbines and industry parts sector before sanctions.

The three energy companies have a history of two decades of operation in Iran’s giant South Pars gas projects.

Linde had undertaken to build equipment for gas liquefaction of Iran’s LNG plant. According to CEO of National Iranian Gas Company Ali Reza Kameli, the company has completed construction of the equipment but is refusing to deliver it because of sanctions.

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