• 4 minutes Phase One trade deal, for China it is all about technology war
  • 7 minutes IRAN / USA
  • 11 minutes Shale Oil Fiasco
  • 16 minutes Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 12 hours Indonesia Stands Up to China. Will Japan Help?
  • 24 hours Beijing Must Face Reality That Taiwan is Independent
  • 26 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 3 hours Three oil pipeline projects inch toward goal-line for Canada
  • 8 hours The Libyan Oil in a Sea of Chaos, War and Disruptions
  • 1 hour Trump capitulated
  • 1 day Gravity is a scam!
  • 1 hour Yet another Petroteq debt for equity deal
  • 1 day Trump has changed into a World Leader
  • 11 hours OIL & GAS LOSSES! Schlumberger Posts $10B Loss in 2019
  • 15 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 1 day China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 21 hours US Shale: Technology
  • 22 hours Iranian government can do everything to avoid attacking American people.

National Iranian Oil Company Assets Worth Nearly $200 billion

State energy statistics in the Islamic Republic of Iran are closely guarded state secrets.
Deputy Oil Minister Mohsen Khojasteh-Mehr has told the Iranian media that "Currently, the total value of the Iranian National Oil Company's assets is estimated to be about $200 billion. Meanwhile, if the financial and credit resources are absorbed, the revenue of the National Iranian Oil Company will increase to $350 billion by 21 March 2015.

Khojasteh-Mehr indirectly acknowledged the damaging effect that international sanctions have had to upgrading the country’s energy infrastructure, stating that new investments of around $150 billion must be made to implement various upstream and downstream projects in the Islamic Republic’s Fifth Development Plan, commenting, "This year (starting 21 March 2011), a $5 billion investment is required for crude oil and natural gas production capacity maintenance projects."

In 2010 higher global energy prices boosted Iran’s energy export revenues by at least $10 billion over its 2009 levels, but the country’s inefficient state sector still relies heavily on revenues from its oil exports, which continue to provide the majority of the government’s revenues. Iran’s attempts to modernize its economy have been hobbled by the sanctions imposed on it, initially instituted by the U.S. in the wake of the 1979 revolution, but more recently added to by the U.N. Security Council over concerns about the possible implications of the nation’s civilian nuclear energy programs.

By. Charles Kennedy, 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