05:00 GMT +328 September 2016
In this Dec. 22, 2014 file photo, an Iranian oil worker makes his way through Tehran's oil refinery south of the capital Tehran, Iran.

Iran Needs $200Bln Investments in Oil Industry Development - Official

© AP Photo/ Vahid Salemi, File
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According to the Iranian petroleum minister, the country's oil industry needs $200 billion in investments.

MOSCOW (Sputnik) — The Iranian oil industry needs about $200 billion in investments, Iranian Petroleum Minister Bijan Zangeneh said Tuesday.

"To develop the joint fields and enhance recovery of oil reservoirs as well as secure development targets, we need investment totaling 200 billion dollars," Zangeneh was quoted as saying by Iran's oil ministry news agency Shana.

According to Zangeneh, the upstream sector requires $130 billion in investments, while $70 billion needs to be injected into processing facilities and oil refineries.

"We have to think to provide it through foreign resources and be after acquiring of technology," the petroleum minister said, adding that Iran's domestic resources are not sufficient enough to develop the country's oil industry.

On January 16, the International Atomic Energy Agency verified Tehran’s compliance with a nuclear agreement reached in July 2015, opening the way for Iran's return to the global energy market.

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Oil, investments, Bijan Zangeneh, Iran
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  • michael
    wasn't there an article recently about eu countries queueing up to do business in iran, especially in oil? So what's the problem?
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