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Oil Minister: $30bn investment needed in Iran's oil, gas industries annually

Source: Islamic Republic News Agency

Minister of Oil Rostam Ghassemi says $150 billion should be invested in the oil and gas industries in the Five-Year Economic Development Plan, so $30 billion should be invested in the sector annually on the average.

Iranian Oil Minister Rostam Qasemi (file photo)

Addressing the closing session of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) here on Wednesday, Ghassemi said Iran's oil production capacity will reach 5.4 million barrels a day in the next three years.

United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in Tehran

He said in case hegemonic powers continue with their policy and the EU's unilateral sanctions are in effect, Iran would reserve the right for retaliation by cutting oil exports and boycotting their products.

He added that limits on hydrocarbon energy development has created new legal, political and security issues. "Under present conditions, many oil consuming and producing countries suffer from instability of energy supply and demand.

"The world is in need of dynamic structure for energy development, requiring free investment and legal structure and technology coupled with fair cooperation," said the minister, adding that gone is the era of easy access to hydrocarbon energies and the industry is in dire need of investment.

... Payvand News - 11/14/12 ... --

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