Minister: Iran to Invest $40bln in Oil Industry despite Sanctions

Iranian Oil Minister Rostam Qassemi announced on Tuesday that despite the western countries’ sanctions against Tehran, over $40bln will be invested in the country’s oil industry in the new Iranian year (started on March 20).

“This year $40bln of capital will be injected into the oil industry,” Qassemi said, addressing the inauguration ceremony of the 17th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran today.

He also reiterated that despite the problems and embargos faced by Iran last year, the country managed to invest $30bln in its oil industry.

Qassemi said on April 1 that the oil industry would face fewer problems this year due to support from the president and other officials, stating that the oil industry is expected to increasingly rely on domestic capabilities.

The minister said that getting help from banks’ resources, energy funds and oil bonds were among the oil industry plans for advancing its goals in the current year.

Referring to the new laws passed by the parliament for the oil industry workforce, Qassemi expressed the hope that the new year would be a year full of work and effort in the direction of achieving the oil industry’s goals.

He also expressed satisfaction with the oil industry achievements during the past year which was named the year of Economic Jihad by the Supreme Leader, adding that endorsement of a number of contracts on the development of shared oil fields with the neighboring countries were among the last year’s successes.