Official: Iran signs $80 billion of oil deals with foreign investors
Iran has signed more than $80 billion of memorandums of understanding with foreign investors to participate in the financing of oil projects, of which more than $5 billion have been converted into contracts, Deputy Minister of Petroleum Houshang Falahatian says.
“The policy of the Ministry of Petroleum in the 13th government has been to make maximum use of the financing capacity from within the country. Hence, we have directed the capital of banks and large holdings of the country to the oil industry. For example, we opened the door to steelmakers to invest in the development of gas fields,” he told Fars news agency.
“It is necessary to use the financial power of these industries to provide them with stable gas. As a result, if the steel company invests in the development of gas fields, it will be exempted from applying restrictions on gas supply in the cold season of the year, because it will receive its gas from the developed field,” Falahatian said.
The government also contacted large banks and holding companies to participate in the construction of oil refineries, including the Shahid Soleimani Oil Refinery.
“In addition, we have had detailed discussions with foreign countries to attract investment,” he added.
“So far, we have signed more than $80 billion of memorandums of understanding with foreign investors to participate in the financing of oil projects, including the development of fields and the construction of refineries. More than $5 billion of this amount has been converted into contracts, and the rest, God willing, will be converted into contracts one after the other.”
Iran is the holder of the world’s largest oil and gas reserves combined, and at current recovery rates, it can continue to produce hydrocarbon resources for another 100 years, according to state officials.
However, sustainable production in the industry requires investment and the use of modern equipment.
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