Iran seeks oil partnerships to boost investment: Leader's aide

Iran is seeking partnerships with other countries to boost investment in its oil sector, according to a senior aide to Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei.

According to Press TV, Ali Aghamohammadi, who serves as head of the economic group at Leader’s office, said on Monday that Iran is determined to expand its petroleum sector through setting up partnerships between domestic companies and major international energy firms.

“The Leader’s order is also this that several big oil companies should be formed for activity at the international level because if we want a promising country we have to cooperate with other countries in the field of oil,” said Aghamohammadi.

He made the comments in a meeting with top executives of domestic oil and gas companies.

In a speech last week, Aghamohammadi had signaled that Iran would seek to replicate a recent rapprochement with Saudi Arabia in its political and economic ties with the West.

“You should be aware that the situation with the West will change as it changed with neighboring Arab countries,” he told a gathering of businesses and government officials in Iran’s southern Province of Hormozgan on Saturday.

His comments about increased investment in Iran’s oil sector come as crude oil production in the country has remained at relatively low levels in recent years mainly because of US sanctions.

Oil Minister Javad Owji said on Tuesday that Iran’s crude oil output had exceeded 3 million barrels per day (bpd) in recent month; up from 2.4 million bpd in 2021 but still shy of nearly 4 million bpd reported before the imposition of US sanctions in 2018.

Owji said, however, that Iran’s current crude output levels do not match the country's recoverable reserves which he said is around 154 billion barrels.

ME