Oil, Petchem Sectors Key to Attracting Investment, Production Boom

TEHRAN (Shana) – Iranian President Ebrahim Raisi said directing liquidity towards production growth, benefiting from technical power and attracting domestic investment are very effective in the economic growth and progress of the country.

Speaking on Tuesday during the signing ceremony of the memorandum of understanding for the integrated development of the joint Azadegan oil field between the National Iranian Oil Company, banks and exploration and production companies, the president called signing of a $7-billion memorandum of understanding for investment in the joint Azadegan oil field as an example of mobilizing the country's domestic power, and said: “One of the goals and reasons for the implementation of economic reforms is to provide the basis for attracting capital in the field of production.”

He considered the realization of the 8% economic growth target to be dependent on the increase in investment, and added: “The work done today is the result of the synergy and coming together of large economic companies as drivers of the economy to implement the integrated development plan of the joint Azadegan oil field as the first step in creating the ground for capital attraction in the path of production and economic growth.”

The president considered the participation of banks as the second step of this move, and noted: “Economic experts agree that creating liquidity is a cause for concern when it is not directed towards production, but if the increase in liquidity is spent on the prosperity and strengthening of production bases, it will not cause any concern.”

Raisi underlined the oil and petrochemical sectors as two of the most important sectors for attracting investment and boosting production, and stated: “What happened today was the signing of a memorandum of understanding between banks and large economic and technical companies for the implementation of a large oil project, in addition to providing resources which is an example of mobilizing domestic power and provides the basis for improving the confidence of private sector investors and the people to participate in such major projects.”

News Code 459076

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