"Oil and Gas upstream — $85 [billion], downstream oil — $10 [billion], gas downstream — $10 [billion], petrochemical sector — $80 billion," Esfahani said at a press conference in Moscow.
On Tuesday, Iranian Petroleum Minister Bijan Zangeneh gave a higher estimate of the investments needed by Iran's oil sector, stating that the Iranian oil industry requires an injection of funds in the order of $200 billion, with $130 billion to be put into the upstream sector and $70 billion into processing facilities.
In mid-January, the multinational oil giants Shell and Total discussed boosting their ties with Iran's National Iranian Oil Company (NIOC) and the National Iranian Tanker Company (NITC).
Iran's moves to upgrade its energy sector comes after the lifting of the international sanctions against the country on January 16, following the International Atomic Energy Agency's (IAEA) confirmation of Tehran’s compliance with the Joint Comprehensive Plan of Action (JCPOA).
The lifting of the anti-Iran sanctions became possible after Iran reached a deal on its nuclear program with the P5+1 group of international mediators on July 14, 2015. The deal entailed Iran agreeing to ensure the peaceful nature of its nuclear program.