Investment deals signed with China, Russia to bolster petroleum sector: Presidential aide
Iran has signed contracts with China and Russia to enhance gas field output and attract investment in its oil industry, Masoumeh Aqapour, the president’s adviser on economic cooperation, told ILNA.
“In efforts to expand resources and develop gas wells, strong contracts have been signed with Chinese partners,” Aqapour said. “We are providing facilities to encourage joint domestic and foreign investment in the oil sector, and for most Chinese financiers and companies entering the market, we have streamlined the process.”
She added that in technology transfer, “different contracts can be defined, which will be implemented under judicial supervision. Overall, favorable developments are taking place.”
Aqapour also confirmed that several contracts have been signed with Russia in the field of gas well enhancement.
She said an emergency economic investment working group has been formed to remove domestic obstacles to attracting investment in the oil sector. “If there is a need to change regulations or bylaws, they will be implemented. Likewise, if certain parliamentary laws need amendment, it will be carried out,” she said.
She added that short-term measures by the Ministry of Economy and the investment organization can facilitate investment. “The government believes that the private sector and the people are the ones who can save the country’s economy,” Aqapour said.