Tehran, Oct 3, IRNA-Dlrs 100 billion is expected to be invested in the oil sector, including dlrs 50 billion during the Fourth Five-Year Economic Development Plan (2005-10), said an Iranian lawmaker in Tehran on Monday.

Member of the Energy Commission at Majlis Mohsen Yahyavi told the National Energy Committee's quarterly meeting entitled "The Impact of Increase in Global Prices of Crude Oil on Country's Energy Policies" that dlrs 10 billion/year is to be invested in the oil sector in the Fourth Plan as scheduled.

Yahyavi said increase in the prices provide a good opportunity to replace crude with the new and renewable energy resources such as solar and wind energy.

He said that on the same basis, Majlis has approved a rls 730 billion budget for research on the replenishable energy resources.

Furthermore, he added, increase in the petro dollars would provide Iran with a suitable opportunity to expand investment and provide more employment opportunities.

Expert: Dlrs 170bn investment needed in oil sector

A Dlrs 170 billion investment is needed to materialize the 20-year vision plan's targets for the oil sector, said an oil expert in Tehran on Monday.

Organizer of the Seminar on New Energy Models and Global Convergence Abdoljavad Alawi told a press conference here on Monday that state officials are in agreement on the objectives of the Fourth Five-Year Plan (2005-10) and the 20-Year Vision Plan, which would be materialized in light of investment.

Alawi regretted that no hardware or software necessary for attraction of such an amount of investment in the oil sector is available at present, stressing adoption of mechanisms for the purpose in line with the constitution.