Copy in clipboard...
$190b investment required to fully achieve SDP goals: Paknejad
"According to expert estimates, achieving the full goals of the Seventh Plan requires approximately $190 billion in financial resources," Paknejad said during an open session of the parliament, IRNA reported.
He added that in the first year of the plan, which began on March 20, 2024, $27 billion had been projected to be raised, and around $5.5 billion, or 22% of the target, was actually secured.
Paknejad noted that the initial funding, while below the target, has launched the process of monetizing energy assets and highlights the need for accelerated investment and activation of non-governmental financial resources to meet the plan’s overarching objectives.
The minister also outlined progress on the plan’s implementation, which was issued by Iran’s Plan and Budget Organization. "An operational program and annual quantitative targets were developed, with 26 major projects assigned to relevant agencies and executors," he said.
Economic growth and investment were among the plan’s top priorities. While the law targeted 9% growth in the oil sector, value-added growth in crude oil and gas extraction reached 6.2%, exceeding the overall 3% growth recorded in Iran’s economy in the past Iranian calendar year.
Paknejad further explained that although the quantity and quality of oil, gas, and condensate exports improved in the first half of the current year, lower international price benchmarks limited the achievement of the full projected sales targets.