TEHRAN, April 18 (MNA) -- In regards to contracts worth around $38 billion signed within the past 18 months, Iran’s market is waiting for oil, gas and petrochemical projects worth $250 billion for the next 20 years, said the oil minister here Wednesday.

Seyyed Kazem Vaziri-Hamaneh made the statement in the inaugural ceremony of the 12th Oil, Gas and Petrochemicals Exhibition in Tehran International Permanent Fairground.

He said the participation of foreign companies despite all political pressure on Tehran would indicate the “unique” importance of Iran’s oil industry and that these companies will not sacrifice their long-term interests for instant political disputes.

The minister added that these companies can be good partners to the their Iranian counterpart.

Insisting on domestic investment in oil and gas sectors, he said that the investors in near future will be mainly local companies.

More than 15 thousand sensitive parts for oil industry have been constructed with the cooperation of domestic and foreign investors in last three decades, Vaziri-Hamaneh added.

Major oil and gas development fields are on the ministry’s agenda that will help boost production, he added.

To develop petrochemical complexes, refineries, and oil and gas pipelines, the ministry is outlining and implementing more plans, he said. On the implementation of Article 44 of the Constitution for privatizing state companies, he said, “we will soon witness a great jump in Iran’s oil industry by private sector.”