"Oil and Gas upstream — $85 [billion], downstream oil — $10 [billion], gas downstream — $10 [billion], petrochemical sector — $80 billion," Esfahani said at a press conference in Moscow.
On Tuesday, Iranian Petroleum Minister Bijan Zangeneh gave a higher estimate of the investments needed by Iran`s oil sector, stating that the Iranian oil industry requires an injection of funds in the order of $200 billion, with $130 billion to be put into the upstream sector and $70 billion into processing facilities.
In mid-January, the multinational oil giants Shell and Total discussed boosting their ties with Iran`s National Iranian Oil Company (NIOC) and the National Iranian Tanker Company (NITC).
Iran`s moves to upgrade its energy sector comes after the lifting of the international sanctions against the country on January 16, following the International Atomic Energy Agency`s (IAEA) confirmation of Tehran’s compliance with the Joint Comprehensive Plan of Action (JCPOA).
The lifting of the anti-Iran sanctions became possible after Iran reached a deal on its nuclear program with the P5+1 group of international mediators on July 14, 2015. The deal entailed Iran agreeing to ensure the peaceful nature of its nuclear program.
More about:
