Zanganeh: "Iran needs 200 billion dollars investment for realizing the goals"

Baku. 15 June. REPORT.AZ/ Minister of Petroleum Bijan Zangeneh on Tuesday stressed need for foreign investment to develop the country's oil and gas industry, Report informs citing the Iran's Shana agency. 

Speaking in the Majlis(parliament) public meeting after hearing MPs remarks, he addressed the critics of foreign investment and said the foreign investment will be used for enhance of Iranian nation's glory in world.

The government aims to use foreign investment to develop joint oil and gas fields, transfer technology and increase employment, Zangeneh said.

He praised Iran's capabilities in piping and construction of oil decks and said despite tense sanctions, Iran launched South Pars phases 12, 15 and 16.

The official called the Exploration and Production Companies, good capacities for the future of country.

The Petroleum Ministry needs 200 billion dollars investment for realizing the goals of Five Year Development Plan which 130 billion dollars should be invested in the upstream sector, he said.

Zangeneh noted that most of the finance, the Petroleum Ministry needs should be provided by foreign investors.

Iranian President Hassan Rouhani had said after the nuclear deal with world powers that Iran needs annual foreign investment of $30-$50 billion to reach an eight percent growth target.

"Untapped potential in many industries indicates that domestic demand cannot solely push the economy toward eight percent growth," he said.

"Attracting foreign investment will be the best way of using the opportunity of sanctions relief to boost the economy and security."

Low oil prices and years of US and European Union sanctions that barred much of Iran's foreign oil sales hammered its income from crude.