Iran Invites Foreign Energy Firms to Invest in Oil Sector

Iran Invites Foreign Energy Firms to Invest in Oil Sector

TEHRAN (Tasnim) – Iran is willing to cooperate with any foreign energy firm capable of increasing the country’s oil exploration and extraction capacities, Iranian Oil Minister Bijan Namdar Zanganeh announced.

“There are no limitations in this regard and we will open the country’s market and potentials once again to them (foreign firms) to win their cooperation in the new phase of oil industry development,” Zanganeh said on Friday.

He further noted that production capacity and output are the primary factors that elevate the status of countries in international markets.

Earlier, Iran's oil minister said on August 19 that the top priority of his ministry is to raise the country's "oil production capacity" to 4 million barrels a day.

“Increasing Iran’s oil output will boost (the country’s) bargaining power in international bodies, like OPEC, so the oil production capacity must increase immediately to above four million bpd by the end of the current (Iranian) year (ending on March 21, 2014),” Zanganeh said at the time.

With 137.6 billion barrels of proven reserves, Iran has the world's fourth largest crude deposits. In terms of gas reserves, it is second only to Russia, with reserves estimated at 29.61 trillion cubic meters (tcm).



Most Visited in Economy
Top Economy stories
Top Stories