In an interview with Shana, Narsi Ghorban stated: “I have always believed that the administration should not invest its capital in the development of the oil industry, but the capital needed by this attractive industry should be provided by foreign countries and international companies, and the administration should focus on health, social, educational and cultural infrastructure.”

Referring to the current international conditions and war developments between Russia and Ukraine, he said: “In the current situation, Russia is planning to invest in Iran's oil industry based on its interests, as both countries are targeted by the sanctions.”

This energy economy expert stated that according to the recent memorandum of understanding between Iran and Russia, $40 billion of investment, equivalent to a quarter of the capital needed by the oil industry ($160 billion of investment by 2030), will be provided in the coming years, adding: “In order to secure the rest of this investment, the oil industry should think about cooperation and negotiation with other countries and international companies interested in investing.”

Emphasizing that Iran's oil industry should not put all its eggs in one basket in terms of attracting foreign investment, Ghorban said: “We must somehow cooperate with countries and international companies interested in investing in Iran, such as China, to invest in the oil industry.”

Recently, National Iranian Oil Company (NIOC) signed a memorandum of understanding worth $40 billion with Russia’s Gazprom.