Iranian banks to invest EUR 10 bn in oil sector

Spokesman of the Energy Commission of Iran's Majlis Emad Hosseini says domestic banks will invest about EUR 10 bn in the country's oil sector.
Hosseini referred to domestic finance, the country's Foreign Currency Reserve Account and energy funds as various investment sources for the implementation of oil projects and said, ”Domestic banks will invest EUR 10 bn in the oil sector within the frame work of investment funds,” it was reported.

The official pointed to the magnitude of Iran's oil projects and called for a more active role of the private sector in the implementation of these projects.
Hosseini underlined the need for the diversification of investment methods in the oil sector in order to help accelerate the execution of projects and emphasized that oil contracts should draw the attention of domestic companies and contractors.

Earlier, Iran's Oil Minister Rostam Qasemi said the private sector should form huge oil consortiums to finance energy projects in the country. He added that the Oil Ministry has no plan to downsize its projects and the oil industries' contractors should expand their activity.
Iran is the second major oil exporter of the Organization of Petroleum Exporting Countries (OPEC). The country also has the world's second-largest crude reserves after Saudi Arabia and the second-largest gas reserves after Russia.