Iran has best investment security in region: economy minister

February 18, 2007 - 0:0
TEHRAN — Iranian Minister of Finance and Economic Affairs said here on Saturday that Iran is the most secure regional country for investment.

Addressing participants in First Iran’s Oil Refining Forum (IORF), Davud Danesh-Jafari said that Iran attaches much more importance to investment security in its oil and industry, “And it is the safest and secure regional country for investment.”

The minister also noted, the country’s 20-Year Outlook Plan has set objectives for the development of oil and gas industry, terming them as the replacement of crude and natural gas exports with exporting oil products, increase in value-added in the industry, and expansion of international cooperation on exploration and production projects.

Moreover, the official continued, efforts have been made to remove obstacles to participation of the private sector in energy industry. This is in line with the implementation of the Constitution’s Article 44, he added.

Organized by the National Iranian Oil Refining and Distribution Company (NIORDC), First Iran’s Oil Refining Forum opened here on Saturday at the IRIB International Conference Center (IICC). The two-day forum is aimed at attracting domestic and foreign investments, promoting the technical know-how of Iran’s oil refining industry, and obtaining state-of-the–art technology from global markets.

Companies from Algeria, China, Bahrain, France, Denmark, Germany, Greece, India, Indonesia, Italy, and Japan are attending the forum. Malaysia, the Netherlands, Oman, Pakistan, South Korea, Britain, and the U.S. are other foreign participants in the event.

According to agencies, 45 Iranian and three foreign companies will display their products and services on refining industry at an exhibition held on the sideline of the forum.

Oil Ministry puts refining development industry on agenda

Also speaking at the forum, Oil Minister Kazem Vaziri-Hamaneh said that the oil ministry has considered policies to develop refining industry.

The development of refining capacity, the minister added, and making investment in abroad are some of the policies. Converting heavy products to light ones, alleviating fuel shortages, and implementing fuel management are other policies, the senior official noted.

The minister also said that some $15 billion of investment is required for the development of the refining industry.

Over $4bn refining contracts to be signed within next 3 months

Deputy Oil Minister Mohammad-Reza Nematzadeh said that contracts valued at over $4 billion will be signed on refining within the next three months.

Nematzadeh who was speaking at the (IORF) added that contracts with the same value have been also inked on the construction and development of refineries within the past year.

The NIORDC Managing Director noted that progress has been made for the use of investments by private sector and foreign companies in implementing new projects.