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12/07/11

Iranian Oil Minister: Politics-free economy secures global energy supply

Source: Tehran Times

Any approach toward dealing with global challenges to secure energy supply is in need of economies which are independent from political systems, Iranian Oil Minister Rostam Qasemi said.

Iranian Oil Minister Rostam Qasemi
Iranian Oil Minister Rostam Qasemi

Addressing the 20th World Petroleum Congress, which is being held in Doha, Qatar from 4 to 8 December, Qasemi added that the global oil and gas industries are thirsty for making investments. But, political movements in the Middle East and North Africa, on one hand, and the economic crisis of the West, on the other hand, have limited investments, the Shana news agency reported.

Hostile and biased approaches instead of free economic relations have made large international companies deprived of investing in many fields, the minister added.

"The oil industry's infrastructure needs more than 500 trillion rials (about 50 billion U.S. dollars) of investment to achieve Iran's 20-year economic perspective plan goals," the ISNA news agency quoted Iran's Oil Minister Rostam Qasemi as saying in August.

"By the end of the fifth development plan (2015), the country's oil production must increase to 5.2 million barrels per day (bpd) and this should happen from the country's joint fields," Qasemi said.

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