Jan 15, 2016, 8:08 PM
News Code: 81921611
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Petroleum ministry plans to attract $200bn investment

Kish Island, Hormuzgan Prov., Jan 15, IRNA – A senior official with the Ministry of Petroleum says that the ministry plans to attract $200 billion capital for investment in its projects.

Speaking on the sidelines of the 12th International Energy Exhibition, titled KISH ENEX 2016, Afkham Zarvani said that the sum will be obtained in five years out of the National Development Fund, popular resources as well as finances.

'We will need over $200 billion investment in our development projects, mainly in the oil sector, within the next five years,' Zarvani said.

Noting that Iran has the experience of attracting some $26 billion investment in a year in National Iranian Oil Products Distribution Company (NIOPDC), Zarvani said that if the NIOPDC succeeds in attracting $20 billion investments each year, the amount will exceed to $100 billion in five years.

'At present, there are 67 petrochemical projects across the country, 37 of which are prioritized,' the official said, adding, 'If we assume a 500-million-dollar investment for each one of these projects, more than $20 billion will be attracted.'

The gas sector, including pipelines and refinery reservoirs, will also need some $25 billion investment, Zarvani said.

He said that attracting $200 billion in five years is within the reach.