• 7 minutes Get First Access To The Oilprice App!
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 17 minutes Renewables in US Set for Fast Growth
  • 13 hours Socialists want to exorcise the O&G demon by 2030
  • 16 hours Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 7 hours Russian Message: Oil Price War With U.S. Would Be Too Costly
  • 19 hours Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 1 day Cheermongering about O&G in 2019
  • 9 hours Oil CEOs See Market Rebalancing as Outlook Blurred by China Risk
  • 2 days Duterte's New Madness: Philippine Senators Oppose President's Push To Lower Criminal Age To 9
  • 2 days North Sea Rocks Could Store Months Of Renewable Energy
  • 23 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 13 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 2 days Oceans "Under Fire" Of Plastic Trash

Iranian Oil Minister States That Industry Needs Massive Investment

Denied funding by years of U.S. imposed sanctions, more recently strengthened by UN restrictions over the country’s nascent nuclear energy program, Iran’s energy sector is in need of massive capital investment.
 
Iran's newly appointed Oil Minister Rostam Qasemi stated that $40 billion was needed for the development of Iran's oil and gas fields, noting, "Considering the extensive area of the joint (oil and natural gas) fields, their development needs heavy investment; therefore, the task can be accomplished by securing the capital from domestic as well as foreign sources. Definitely a part of the needed resources will be secured from the country's general budget, but for the remaining part we will explore domestic sources that include the private sector and the banking system," The Islamic Republic News Agency reported.
 
Qasemi added that in order to raise the necessary capital Iran would be issuing a “great volume of various bonds” this year to help finance the projects.
 
On 3 August Iran's Parliament confirmed Rostam Qasemi, head of the engineering arm of Iran’s Revolutionary Guard Corps, by a vote of 216 to 22, with seven abstentions. Qasemi, a veteran of Iran’s war with Iraq in the 1980s, is chief of the Revolutionary Guards’ Khatam al-Anbiya Construction Headquarters.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News