Iran makes oil industry investments 4th priority in economic plan

The first Iranian vice president, Mohammad Reza Aref, stated that increasing investments in domestic oil and gas industry was a priority of the Fourth Economic Development Plan.
"Maintaining and increasing Iran's share of global oil and gas markets is one of the most important strategies of the country," he added.

Addressing the inaugural ceremony of Balal oil field's development project, he stated that oil industry accounted for more than 60 % of the country's forex revenues as well as 98 % of the its needed energy.
He said that the ratio of oil and oil products exports to total exports had decreased during recent years, adding, "The structural reforms made by the government during the Third Economic Development Plan, aimed to safeguard oil as a national asset."

He said Balal development project indicated success of buyback deals signed during past years. Aref also mentioned replacing natural gas for other forms of energy, following up on LNG exports via pipeline to neighbouring countries, taking advantage of cutting-edge technology and use of domestic manpower as positive measures taken by the Iranian oil industry during past years.
Referring to Iran's cooperation with OPEC for keeping oil price at a reasonable level, the first vice president opined that the cooperation should be extended between producers and consumers of natural gas and oil.