TEHRAN, Nov. 19 (Mehr News Agency) -- Around $80 billion will be invested in Iran's oil projects by the end of Iran's Fourth Five-Year Socioeconomic Development Plan (2004-2009), noted managing director of Pars Oil and Gas Co. Ali Akbar Torkan.
In the course of the nation's fourth and fifth development plans, $24 billion and $10 billion will respectively be allocated to the Pars Oil and Gas Co. for the development of its oil and gas projects, he announced.
Currently, there are three specialized banks active in the housing, agricultural and industries sectors of the country. They are Bank Maskan, Bank Keshavarzi and Bank of Industry & Mine but, there exists no such a bank in the oil sector, he complained.
If a bank specialized in the oil sector is created in the country, it would be able to make investments in the international oil and gas projects, support oil industry contractors and help reduce investment risks in the oil and gas projects, the official asserted during a conference held on Sunday on foreign investment in oil infrastructure project.
He also commented on the immense natural gas reserves of the Middle East region and said that some 72 percent of the world's proven gas reserves were located in the region. Iran and Qatar hold more than 50,000 billion cubic meters of natural gas, the Persian service of ISNA news agency reported.
Iran's South Pars Oil and Gas Field alone contains around eight percent of the world's natural gas reserves.
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