TEHRAN, April 18 (Mehr News Agency) -- In light of the fact that contracts worth more than $38 billion have been signed in the past 18 months, Iran expects to see over $250 billion in investment in its oil, gas, and petrochemical sectors over the next 20 years, Oil Minister Kazem Vaziri-Hamaneh said here on Wednesday.
The participation of foreign companies in the Tehran oil exhibition, despite all the political pressure on the Islamic Republic, indicates the "unique" importance of Iran's oil industry and shows that these companies will not sacrifice their long-term interests for short-term political disputes, Vaziri-Hamaneh stated at the opening ceremony of the 12th Oil, Gas and Petrochemicals Exhibition at the Tehran International Permanent Fairground.
These companies can be good partners of Iranian companies, he added.
Insisting on domestic investment in the oil and gas sectors, he said that the investors will be mainly local companies in the near future.
He went on to say that over 15,000 types of critical oil industry equipment have been constructed through the cooperation of domestic and foreign investors over the past three decades.
The development of major oil and gas fields is on the Oil Ministry's agenda, which will help boost production, he added.
The ministry is also formulating and implementing plans to construct more petrochemical complexes, refineries, and oil and gas pipelines, he explained.
Commenting on the implementation of Article 44 of the Constitution, which calls for the privatization of state companies, Vaziri-Hamaneh said, "We will soon witness a great jump in the participation of the private sector in Iran's oil industry."
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