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National Iranian Oil Company assets at 25 billion dollars, says director Mirmoezzi

Tehran, May 29, IRNA-Managing Director of the National Iranian Oil Company (NIOC) Mehdi Mirmoezzi has said that new projects in the oil industry have raised the company's registered assets to as much as 25 billion dollars, local press reported on Sunday.

The Persian-language newspaper `Eqtesad-e Pouya' quoted Mirmoezzi as saying that the figure comprises the value of NIOC's fixed capital which had been added to its existing assets as the result of the launching of new oil and gas projects throughout the country.

Mirmoezzi said the implementation of buy-back projects, particularly South Pars gas projects, had a major share in increasing the company's capital gains.

He also said the increase in the number of facilities, wells, platforms and refineries had in turn resulted in the increase of the NIOC assets.

The official further stressed that NIOC anticipates its domestic and foreign currency assets in the exploration sector to increase by respectively two-folds and three-folds within the next five years.

He stressed this will promise a prosperous future for Iran's oil industry.

... Payvand News - 5/29/05 ... --

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