TEHRAN – Head of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) has said there is more than $200 billion of pending investment in the country’s oil industry, the ICCIMA portal reported.

Speaking in a meeting between the ICCIMA board members and the directing board of the Association of Petroleum Industry Engineering and Construction Companies (APEC) on Saturday, Hossein Selahvarzi said this situation has led to an increase in labor migration, the costs of production, and the non-competitiveness of the products in this industry.

“The Iran Chamber of Commerce [Industries, Mines, and Agriculture] should be able to use the capacity of its subordinate organizations to influence the decisions and policies in the oil industry,” he emphasized.

Underlining the significant role of APEC in the country’s oil industry, Selahvarzi called on the board members of the association to dispatch expert delegations to the countries that have the potential for joint cooperation.

EF/MA