TEHRAN - Directing liquidity towards the oil industry’s downstream activities not only leads to self-sufficiency but also creates jobs along with profitability to benefit people.

Parviz Mohammadnejad, a member of Parliament’s energy committee, made the remarks, adding that cooperation between banks and the oil industry is a kind of win-win game.

Speaking to Shana, he further said: “If we create mechanisms and frameworks that facilitate the banking system’s presence in the oil industry activities, they will fill the existing gap of financial resources, leading to stable profitability and efficiency of the banking system as well.”

“The stray liquidity which sometimes goes to the housing and auto market should be redirected toward the oil industry, " he said, noting that directing banks’ resources towards the oil industry, as the driving force of the economy, will undoubtedly result in playing a positive role in the country’s economy by banks.

Recently, the Head of the energy and environment committee at the Tehran Chamber of Commerce Industries, Mines and Agriculture (TCCIMA) Saeed Tajik expressed similar views announcing that directing Iranian banks’ liquidity toward investment in oil and gas projects definitely will have desirable economic effects, adding that investing in oil, gas and petrochemical sectors is required to be pursued seriously otherwise their development will be challenging.

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