MP Opts for Foreign Investment in Oil Industry

“Foreign investors are eager to be involved in Iranian oil industry development projects; so, oil industry is the best section which can pave the way for attraction of foreign investment,” Bakhtiar told Shana.

The lawmaker said Iran needs about 700 to 800 billion dollar investment to hit the eight percent economic growth target of the Sixth Five-Year Economic Development Plan (2016-2021).

He said that optimistically, one four of the figure can be obtained out of domestic resources and the remaining out of foreign capital.

The parliamentarian said each phase of South Pars needs more than three billion dollars, which should be met out of foreign resources.

He said foreigners want to invest in Iranian oil and gas industries, especially the upstream sector, because the country is rich in gas and oil.  “So, the foreign capital should be channeled to oil industry development projects, especially the projects for development of the joint fields.”