Iran keeps doors open for investors

According to Iranian Oil Minister Bijan Zanganeh, attracting foreign investment for Iran’s oil sector will continue to be a top priority during President Hassan Rouhani’s second term.

2017-09-25 views 726

Zanganeh, who won parliamentary approval on August, 20 to stay on as oil minister, has been credited with increasing Iran’s crude output since many global sanctions were lifted last year following an international deal on Iran’s nuclear program.

Iran needs approximately $200 billion investment for oil and gas production, development and refineries and roughly 65 to 75 percent of that needs to come from foreign investment, he said.

It is going to try to attract $60 billion in foreign investment for the oil industry by the end of the Iranian calendar year in March 2018, Zanganeh added.

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