TEHRAN - Attraction of investment for development of the oil and gas fields that Iran shares with its neighbors will be the main priority of the Oil Ministry, Bijan Namdar Zanganeh, the proposed oil minister, told the parliament on Saturday.

Zanganeh, who was defending his four-year agenda if approved again as minister, said Iran’s new model of oil contracts (known as IPC) is intended to boost production in these fields as it will also bring technology to the country and create jobs.

“We should attract $200 billion investment in the Oil Ministry in a course of five years, of which $120-130 billion should be foreign investment”, the proposed minister said, adding, “If so, it will create an economic flourishing and will create huge number of jobs.”

Zanganeh mentioned more production of oil and gas to increase Iran’s share in the global energy markets his other major program for the Oil Ministry.

He referred to completing development phases of South Pars (the huge gas field Iran shares with Qatar in the Persian Gulf), rebuilding and renovating oil installations which requires ten billions of dollars in investment, second leap in the petrochemical output, and no natural gas flaring as his next top priorities.

MA/PA