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Oil Minister: $150b will be invested in Iran's oil and gas industry

Source: Mehr News Agency, Tehran

Iranian Oil Minister Masoud Mirkazemi said that the ministry will invest $150 billion in the oil and gas industry during the Fifth Five Year Development Plan (2010-2015).

IRNA quoted the minister as saying that foreign resources are needed to produce more income from the oil industry for the country to invest in other fields such as agriculture, industry and transportation.

He pointed out that if foreign resources are not used this will result in the procrastination of the projects, an increase in the costs as well as other problems.

He noted that investment in the oil and gas industry will also create jobs.

Iran boasts the world's second-largest natural gas reserves after Russia. Iran is also the world's third-largest oil producer.

... Payvand News - 02/10/11 ... --

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