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  • NIOC Calls on Banks, Petchem Holdings to Bankroll Upstream Oil Projects

NIOC Calls on Banks, Petchem Holdings to Bankroll Upstream Oil Projects

The CEO of the National Iranian Oil Company (NIOC) stated that several investment plans have been foreseen for the development of oil projects, and announced negotiations with banks and petrochemical holdings to finance upstream oil projects.

According to the National Iranian Oil Company, Mohsen Khojastehmehr said: "In the field of human resources, our approach is to attract elite manpower from the University of Petroleum Industry and other universities."

Khojastehmehr said: “In the technology sector, a very serious movement has started and we have removed and revived this sector from its mere presence on paper and laws. A contract and memorandum of understanding have been signed with Academic Center for Education, Culture and Research for about $275 million and Rls. 160 billion, of which about $75 million and Rls. 160 billion are final contracts and the rest are in the form of memorandums.”

He continued: “About 750 low-efficiency wells will soon be pitched for with technology companies.”

The South Pars and North Gonbad gas fields are the largest fields in the world that have helium gas, and we are now importers of the item, while this gas has many uses in various industries,” he said.

Khojastehmehr also said: "By producing this gas, in addition to meeting domestic needs, we can even become an exporter of the item, which is very important today, and we started in this field through technology companies and knowledge-based companies, and the plan will be approved soon."

He added: "In the investment sector, we know that our domestic resources are not enough and the 14.5 percent provided in the budget law for the National Iranian Oil Company is almost equal to the current expenses of the company."

He continued: "We have meetings with important petrochemical holdings in the country so that the downstream sector can invest in the upstream sector of the oil industry. Petrochemical holdings can invest in the development of oil and gas fields, and NIOC can deliver the required feedstock to them in a long period of time to make their investments more attractive.”

Khojastehmehr said about the activities carried out in the production sector: "Our colleagues are working hard every day to restore our production capacity and bring it to before the sanctions, which required a series of projects and preparations, and a large part of the production capacity has been restored."

He said: "In the field of oil sales, we succeeded in achieving the government budget in accordance with the plan, and this success is the result of the work of all those involved in the oil industry."

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