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  • Iran Eyes $145b Investment in Oil Industry

Iran Eyes $145b Investment in Oil Industry

Iranian Minister of Petroleum Javad Owji said plans are under way to attract $145 billion from Iranian and foreign investors in the petroleum industry within the next 4 to 8 years.

Speaking in a meeting with Zhong Guidong, President of Sinopec Iran Branch, in Tehran on Tuesday, Owji announced plans to attract $145 billion in domestic and foreign investment in the oil industry over the next four to eight years, saying the 13th administration is determined to bolster cooperation with Chinese companies.

During the meeting, Mr. Owji also underlined acquaintance with the chinse company, and stated that he knew about Sinopec's ability to implement upstream and downstream projects.

“Last week, during my visit to the operational areas of Khuzestan province, I visited Yadavaran Field, the first phase of which was developed by this company, and I was informed about the details of the development of the first phase of this field.”

He stressed the importance of completing the development of Yadavaran field as a joint field between Iran and Iraq, and said: "Fortunately, Sinopec is fully acquainted with Iran and its oil and gas fields and has been present in the first phase of Yadavaran field development."

The Minister of Petroleum stated that the 13th administration, presided over by Iranian President Seyyed Ebrahim Raisi, is ready to cooperate fully with Chinese companies to develop oil industry projects in the upstream and downstream sectors, adding: "We expect the administration to have many partnerships and agreements between Iran and China."

Emphasizing the 13th administration’s view of China as a friendly and closely aligned country with Iran, he said: "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.”

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