‘Iran needs $250bn in oil investments’
Iran said on Monday that it needs at least $250 billion in new investments to undo the damage that years of US-engineered sanctions have created and re-emerge as a global oil player.
"During 2016-25, our upstream sector needs $176 billion and the downstream sector needs $77 billion of investment," said Ali Kardor, the deputy for investment affairs of the National Iranian Oil Company (NIOC).
Kardor emphasized that the bulk of new investments should flow to the exploration and production side of Iran’s energy sector.
He further said that low oil prices will not deter Iran’s production objectives.
"Iran has the cheapest oil produced in the world," the UPI has quoted Kardor as saying.
Iran will next month introduce its new oil and gas projects to global investors. It will also present a new format of oil sector contracts.
OPEC said in a monthly newsletter Iran is expected to start up dozens of oil and gas projects, worth an estimated $185 billion, by the end of the year, the UPI added.
Sanctions, easing as a result of a July nuclear agreement with world powers, have nevertheless starved Iran's energy sector of much-needed new investments.
The International Monetary Fund said Iran's economy is facing "severe structural challenges," with postponed investment decisions dragging on growth.
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