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Iran's IOOC to increase oil output by 2010

TEHRAN, Sept. 17 (Mehr News Agency) - Iranian Offshore Oil Company (IOOC) will increase its daily out from 830 thousand to one million barrels by 2010.

The figure shows a 24 percent rise when compared to the figure of 2005 which was about 761,000 barrels per day, indicating a growing trend.

A 3.9 percent fall is predicted in the offshore oilfields by 2024.

By developing the South Pars (SP) oil layers, the company will witness a 32,000 barrel increase from late March 2008, producing 49 thousand barrels.

IOOC has 19 underway projects which are predicted to go on stream by 2010.

Iran to allot at least 40% of OSF to private sector

TEHRAN, Sept. 17 (Mehr News Agency) - At least 40 percent of Oil Stabilization Fund (OSF) will be earmarked to the private and cooperatives sectors after the ratification of general policies of the Article 44 of the Constitution, said the Iranian Privatization Organization (IPO) head here on Monday.

Gholamreza Kord-Zanganeh added that the government is obliged to allocate a $10 billion worth of credit line to the sectors from the Central Bank of Iran (CBI) and the OSF.

The government will offer facilities to encourage the private sector to invest in projects, he said.

The official added that the government will give 10 percent, 20 percent, and 25 percent of tax remissions as a kind of facility, saying the revenue gained through privatization will be allocated to social security and economic infrastructures.

... Payvand News - 9/18/07 ... --

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