Iran needs $ 200 billion investment to develop oil industry

Iran needs $ 200 billion investment to develop oil industry

Iranian Oil Minister Bijan Zanganeh said that the Islamic Republic needs approximately $ 200 billion of investments to develop the oil industry, which is important to attract foreign investors, “Armenpress” reports.

“We need approximately $ 200 billion investment for the joint exploitation of mines and oil fields of productivity, as well as for reliable development,” the statement quoted Minister agency Shana.

According to him there is a need of $ 130 billion for geological exploration and upstream and for processing and sales $ 70 billion.

“Our local resources are not sufficient to develop the country’s oil industry. Therefore, we think they will try to ensure it through foreign sources and to produce technologies , “he said, according to RIA Novosti.

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