• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 11 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 2 days Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 19 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 2 days "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 5 hours NordStream2
  • 1 day Storage of gas cylinders
China To Coal Miners: Raise Production Now

China To Coal Miners: Raise Production Now

Chinese authorities have ordered 72…

Oil Rebounds On Surprise Crude Inventory Draw

Oil Rebounds On Surprise Crude Inventory Draw

Oil prices rebounded on Wednesday…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Iran’s Oil Minister Presents Creative Plan To Draw In New Crude Oil Investment

Iran is offering crude oil in exchange for goods or investments in its oil industry, oil minister Javad Owji told Iranian TV, as quoted by Bloomberg.

The plan has yet to be approved by the Iranian parliament, Owji said. It remained unspecified whether it was targeting local or foreign investors. The overall sentiment, however, is optimistic, thanks to the latest developments on the oil and gas markets that favor oil producers.

The plan to attract investments in oil and gas in exchange for output follows another announcement made by Iran's new oil minister last month. In it, Owji said Iran planned to attract some $145 billion in local and foreign investments in its fossil fuel industry.

"We plan to invest $145 billion in the development of the upstream and downstream oil industry over the next four to eight years, hence I welcome the presence of domestic and foreign investors in the industry," Owji said during a meeting with executives from China's Sinopec.

China is Iran's biggest trade partner and one of the very few countries still importing some crude oil from Iran despite the U.S. sanctions against the Islamic Republic's oil exports and oil industry. It is also the world's biggest oil importer.

Meanwhile, the prospects of Iran shaking off U.S. sanctions remain uncertain. This weekend, the Islamic Republic's foreign minister, Hossein Amirabdollahian, said Iran placed a priority on verifying that U.S. sanctions will be lifted once talks resumed again.

"Of course, we will soon return to the Vienna talks and we are keeping our eyes on the issue of verification and receiving the necessary guarantees for the implementation of commitments by the Western parties," Amirabdollahian told Iranian media, as quoted by Reuters.

At the same time, however, "Given the pace of its nuclear advancements, Iran is nearing the point at which the nuclear deal's nonproliferation benefits will be unrecoverable without major changes to the accord, at which Tehran would balk," said analysts from Eurasia Group, as quoted by CNBC.

By Irina Slav for Oilprice.com

More Top Reads from Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on October 11 2021 said:
    At a time of rising energy prices and with the world possibly heading towards a global energy crisis, Iran will definitely be able to attract foreign investments and goods in exchange for crude oil.

    This will be in addition to more than $300-bn investments promised by China in Iran’s oil industry under the 25-year strategic cooperation agreement between the two countries.

    A lifting of US sanctions on Iran will never see the light of day soon or ever because the positions of the United States and Iran are irreconcilable. As long as Iran is successfully managing to evade the sanctions, it can outwait the United States on the nuclear deal until it gets one on its terms.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News