Iran’s petroleum industry requires $275b of investment: NIOC
Iran ranks first in the world in terms of oil and gas reserves, with about 340 billion barrels of crude oil, said the head of the National Iranian Oil Company (NIOC), adding that these valuable reserves require an investment of about $275 billion in the upstream and downstream sectors.
In the upstream sector, we have an investment opportunity of about $160 billion, to implement about 100 projects related to the development of oil and gas fields, noted Mohsen Khojasteh-Mehr, according to Shana.
The official added that there are investment opportunities of about $35 billion for petrochemical projects, and about $80 billion in the refining sector.
Speaking at a meeting on the sidelines of the 6th China International Import Expo (CIIE) in Shanghai, he noted that Iran’s participation in the exhibition indicates the country’s widespread economic interactions, especially in the field of energy and international trade.
The exhibition shows the commitment of Iran and China to develop bilateral cooperation and appropriate relations between Iran’s domestic market and China’s market, Khojasteh-Meh emphasized.
“We are seeking to set up a stable platform at a strategic level and also create a proper market-based business environment in the international arena.”
Trade and business between Iran and China are on an upward trajectory, he said, adding that Iran showed in practice that it has a safe, reliable and stable market in the field of energy trade.
Main actors determine the future of the world’s energy, the NIOC head said, adding that in Iran, as one of the main players, opportunities have been provided in the oil industry.
The 6th CIIE kicked off in Shanghai on Sunday and will wrap up on Friday. This is one of the biggest trade fairs in China.