20 April 2024 - 13:40
  • News ID: 640167
Oil Sector Attracts 41 Percent Of Total Foreign Investment

SHANA (Tehran): Since taking office in August 2021, the 13th administration has been able to attract 11.6 billion dollars of foreign investment of which 4.8 billion dollars have been allocated to the oil and gas mega projects.

This amount of investment in Iranian oil and gas projects implies that a remarkable amount of total foreign investments, 41 percent, have taken place in the oil industry despite imposing harsh sanctions against the sector.

Recently Iranian Economic and Financing Minister, Seyed Ehsan Khandouzi announced that the 13th administration had succeeded in attracting 11.6 billion dollars of foreign investment in order to implement 643 projects across the country.

He said: attracting this amount of foreign investment is happening at a time when the country faces heavy pressure from abroad to prevent investment in Iran.

“Those investors who want to enter Iran's market are faced with great risks to do so”, the minister said.

More than 110 years after oil discovery in Iran, the oil industry still plays a huge role in achieving the country’s economic targets as well as boosting economic growth.

According to Shana, despite the existence of this harsh situation due to sanctions, the Petroleum Ministry has been able to absorb 41 percent of total investments which include five projects.

the Petroleum Ministry is seeking to attract foreign investment not only to meet financial needs of its projects but also to reduce the risk of their implementation and acquire new technologies as well.

The 13th administration's active energy diplomacy approach has played an effective role in realization of the foreign investment. The 13th administration has emphasized on boosting economic cooperation with its neighboring as well as friendly countries across the world and the result has been remarkable.

Iran’s cooperation with other countries, as far as it concerns oil and gas trade, covers a wide range of issues from exporting technical and engineering services to the Caribbean Sea countries to exporting crude oil to its traditional customers in the Far East.

News ID 640167


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