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  • 29-11-21

    Iran aims to enhance oil capacity output within next year

    (MENAFN) According to Shana reports, head of the National Iranian Oil Company (NIOC) Mohsen Khojasteh-Mehr has stated that his firm is aiming to enhance the nation’s crude oil output capacity to its levels before the imposed sanctions on the country or four million barrels as of the end of the present Iranian calendar year (March 20, 2022).

    On Saturday, Khojasteh-Mehr stated in a press conference, “based on our plans, we need $90 billion of investment in the oil sector, while $70 billion is also needed to develop gas fields.”

    The official mentioned that the Oil Ministry has outlined diverse investment sets and took into account a huge stake of contribution for overseas investment.

    He also said, “in this regard, we welcome foreign investment, but if it is not materialized, we have other options and scenarios and we will not waste our time,” adding that Iran has one of the securest power supply passageways in the globe and several discussions have been held with overseas corporations in this matter.

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