Iran Needs $130b to Boost Crude Output Level: MP

Speaking to Shana, Mohammad Khaledi, who heads the parliament’s nuclear and renewable energy committee and is a member of the assembly’s energy committee, said Iran eyes to lure enough foreign investment in its upstream oil sector so that it can enhance recovery of oil from its reserves.

He said the 6th five-year development plan (2016-2021) has set a goal of absorbing 130 billion dollars in new investments in the upstream oil sector by 2021. 

He further quoted Iranian Minister of Petroleum Bijan Zangeneh as saying that Iran would need at least 200 billion dollars of investment in its upstream and downstream sectors under the development plan.