Iran plans to invest $200 billion in its oil and gas sector over the next five years to prevent a production decline and boost refining capacity, the trade journal Upstream reported Wednesday on its web site.
"For the next five years, we are now... planning seriously for investment of upstream and downstream [of] $200 billion investment," the U.S.-based newspaper quoted oil minister Masoud Mirkazemi as saying.
Mirkazemi said Iran's plans would not be affected by Western countries' sanctions against the Islamic Republic over its controversial nuclear program.
"Today, Iran has all the necessary technology," he was quoted by the paper as saying.
"If other countries are not interested in entering into negotiations and contracts, we do have Iranian companies that have this potential."
Given the depletion of existing oil and gas fields, the minister said the investments will "introduce a degree, a percentage of efficiency."
MOSCOW, March 17 (RIA Novosti)