Secretary General of OPEC Fund to Visit Iran

Secretary General of OPEC Fund to Visit Iran

TEHRAN (Tasnim) – Secretary general of the OPEC Fund for International Development and representatives of the Islamic Development Bank will visit Iran in October, whose presence will provide a good opportunity for Iranian financial firms to attract capital for the country's oil industry.

The OPEC Fund for International Development (OFID) is a multilateral development finance institution established in 1976 by the member countries of the Organization of Petroleum Exporting Countries (OPEC).

The fund serves as a channel of collective assistance to developing countries and aims to stimulate growth and reduce poverty in the poorer parts of the world.

Providing finance for infrastructural projects, boosting the quality of social services, and improving productivity and competetiveness are among the main objectives of the OPEC Fund for International Development.

According to Mohammad Mazreati, deputy head of the National Development Fund for foreign and international investment affairs, the delegates will be in Iran to participate in an International Conference on national wealth, money allocation, and risk management, due to be held in Kish Island on October 27 and 28.

Earlier, the Iranian Oil Minister Bijan Namdar Zanganeh has announced that Iran is willing to cooperate with any foreign energy firm to increase the country’s oil exploration and extraction capacities.

“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.

Iran's oil minister had earlier said that the top priority of his ministry is to raise the country's "oil production capacity" to 4 million barrels a day.

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).



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