By Benoit Faucon

Source:

March, 17, 2010

VIENNA—Iran is seeking $200 billion in oil, gas and refining investments over five years to avoid a production decline, the country’s oil minister said Wednesday.

Speaking to reporters ahead of a meeting of the Organization of Petroleum Exporting Countries, Masoud Mirkazemi said: “For the next five years, we are now…planning seriously for investment of upstream and downstream [of] $200 billion investment.” Mr. Mirkazemi reiterated that sanctions won’t affect those plans.

Iran’s Minister of Petroleum Masoud Mirkazemi said Iran is seeking $200 billion in oil, gas and refining investments.

Iran's Minister of Petroleum Masoud Mirkazemi said Iran is seeking $200 billion in oil, gas and refining investments. Associated Press

Given the depletion of existing oil and gas fields, the minister said the investments will “introduce a degree, a percentage of efficiency.”

“Therefore a step should be taken so that investment will be also absorbed by this process of…increasing production,” Mr. Mirkazemi said. “It’s about 31 years since Iran got independence and some countries do not like it,” he said in reference to western sanctions imposed on the Islamic republic. “These kind of sanctions will not have any effect on it [investment].”

Mr. Mirkazemi reiterated that Iranian companies could sustain the investment if foreign companies fail to sign up. “Today Iran has all the necessary technology,” he said. “If other countries are not interested in entering into negotiations and contracts, we do have Iranian companies that have this potential.” In this case, “for us it will cost less,” he said.