Iran

Oil minister: $200bn to be invested in oil industry

Oil Minister Rostam Qassemi says over dlrs 200 billion will be invested in oil industry to materialize the objectives set for this sector in the Five Year Development Plan (up to year 2015).

He said dlrs 50 billion of the said amount will be used during the current Iranian year (to end March 20, 2013).

He referred to speeding up of development of joint phases of South Pars and other oil fields commonly shared by Iran and neighboring countries as priorities of his ministry.

He expressed hope that development of delayed phases of South Pars will be fully materialized in three years.

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