TEHRAN- Iran plans to make investment as much as $200 billion in the oil industry, relying on domestic capacities and international contracts, in the current [Iranian calendar] year (started on March 21), Oil Minister Javad Oji has said.

In the field of oil, petrochemical, upstream and downstream industries, $200 billion of investment is needed, a significant part of which has been provided by 50 contracts concluded so far, the minister added.

The contracts are in the fields of development of oil fields, flare gases, gas fields, quality and quantity increase in refineries and complementary reserves, and in case of reviving the Joint Comprehensive Plan of Action (JCPOA), foreign companies will welcome this sector, Oji stated.

Referring to the slogan of the present Iranian calendar year 1401, which is named “Production: Knowledge-Based and Job-Creating” by Leader of Islamic Revolution Ayatollah Seyed Ali Khamenei, and the role of knowledge-based companies in the development of oil industry, the minister said, “In a meeting with officials in January, the Leader emphasized the need to establish a knowledge-based oil industry, and in the past two months, more than 200 knowledge-based companies have called for cooperation with the ministry.”

MA/MA