Official: Iran Ready for Attracting 250 Billion Dollars Investment in Oil Sector
Khojasteh Mehr made the remarks at the Sixth China International Import Expo (CIIE) and the Hongqiao International Economic Forum in Shanghai.
He underlined that investments help stabilize and secure global energy market, adding that the world’s energy future will be determined by leading players, including Iran.
The official noted that Iran ranks first in the world in terms of oil and gas reserves on aggregate, adding that the country is the holder of some 340 billion barrels of crude oil equivalent.
Iran-China relations are growing, he said, adding, “We are seeking to create a strategic platform and an international market-based trade arena.”
Iran held a pavilion at the Sixth China International Import Expo, which opened at Shanghai’s National Convention and Exhibition Center.
Over 50 Iranian companies and 250 traders participated in the event.
In relevant remarks in July, Iranian Oil Minister Javad Owji had said that the NIOC was targeting an investment of $250 billion in its upstream, midstream and downstream oil sectors, specially in liquefied natural gas (LNG) industry, over the next eight years.
He added that the country has plans to invest some $250 billion in its massive oil and gas sector until 2031, saying that Iran has signed some $40 billion worth of oil and gas contracts with domestic and foreign companies over the past two years.
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