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Iran welcomes cooperation with foreign firms in oil, gas sectors

Tehran, Dec 4, IRNA-Iran's Oil Ministry is willing to cooperate with foreign partners in different upstream and downstream oil and gas sectors, said Caretaker of Iran's Oil Ministry Kazem Vaziri Hamaneh in Tehran on Sunday.

Addressing a seminar on global convergence and new energy patterns, Hamaneh said Iran's Oil Ministry intends to regain its desired position on the world oil and gas markets by relying on the merits and expertise of its technicians and through cooperation with the friendly countries in the region and the world.

Hamaneh, who has been named by President Mahmoud Ahmadinejad to Majlis as his choice for the post of oil minister, said his ministry seeks to secure Iran's standing as the first producer of the petrochemical products in the region and the second producer of gas with a 10 percent share in the world energy trade.

He said production of 5.2 million barrels of oil per day and 700 million cubic meters of natural gas by the end of the Fourth Five-Year Economic Development Plan (2005-10) are among other targets of his ministry.

He added that making a annual dlrs 15 billion revenue from sale of petrochemical products in the fourth plan is also on agenda.

The official said the ministry would give special attention to the energy industries to gain value-added, attract investment to provide market guarantees, promote international collaboration and support development of the oil industry through attraction of dlrs 70 billion worth of investment in the oil industry in the fourth plan as well as raising the national refining capacity by one million bpd.

Elsewhere in his remarks, Hamaneh said increase in oil prices is mainly due to restrictions in the downstream and upstream sectors resulting from lack of enough investment in the sector.

A key strategy to overcome future energy crises is to encourage investors, especially international companies, to invest in major production regions, he added.

He added that it will not be possible to provide necessary technology and capital and most importantly, security for investment, without cooperation with major consumers.

... Payvand News - 12/5/05 ... --

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