News Column

Iranian Upstream Oil Attracts $24.7 Billion

May 10, 2013

Iran's upstream oil sector attracted $24.7 billion in the past Iranian calendar year which ended on March 20, IRNA quoted National Iranian Oil Company managing director Ahmad Qalehbani as saying.

Despite all the international sanctions against the country's oil industry, $24.7 billion was invested in the upstream sector of the industry, he added.

In April, ISNA quoted Iranian Oil Minister Rostam Qasemi as saying that some $30 billion was invested in the country's oil industry and the figure is anticipated to grow in the current year.

In October 2012, Qasemi said that Iran is investing $100 billion to boost its oil and gas production.

"As part of a new government policy to boost energy production, we are currently investing $100 billion in new oil and gas exploration and production," he added.

At the beginning of 2012, the United States and European Union imposed new sanctions on Iran's oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

Qasemi said in August 2011 that the oil industry's infrastructure needs more than 500 trillion rials (about $41 billion) of investment annually to achieve the objectives of the 20-Year Outlook Plan which ends in 2025.


(c)2013 Trend News Agency (Baku, Azerbaijan)

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Source: Copyright Trend News Agency (Azerbaijan) 2013

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