Kamal Daneshyar told PIN the ministry’s endeavor to win the contracts was praiseworthy, adding the said figure only stood for the concluded contracts and it would climb to 150 billion dollars if the memos were brought into account.

“In defiance of various sanctions imposed on Iran, the ministry has set a high record in overseas contracts,” Energy Committee Vice Chairman Mohsen Yahyavi said, adding the ministry had so far perfectly fulfilled its duties, deserving appreciation.

“Iran’s market is waiting for oil, gas, and petrochemical projects worth $250 billion for the next 20 years,” said the petroleum minister.

The participation of foreign companies despite all political pressures on Tehran would indicate the "unique" importance of Iran’s oil industry and that those companies would not sacrifice their long-term interests for instant political disputes.

The minister added that those companies could be good partners for their Iranian counterparts.

Insisting on domestic investment in oil and gas sectors, he said that the investors in near future would be mainly local companies.

More than 15 thousand sensitive parts for oil industry have been constructed with the cooperation of domestic and foreign investors in last three decades, Vaziri-Hamaneh added.

“Major oil and gas development fields are on the ministry’s agenda that will help boost production,” he said.

To develop petrochemical complexes, refineries, and oil and gas pipelines, the ministry is outlining and implementing more plans, he said.