Investment in oil industry's upstream sector boosts production growth

SHANA (Tehran) - A member of the Iranian Parliament's Industries and Mines Committee said the "Transformation in Investment" event would effectively attract capital for production in the oil and gas upstream sector, adding that the event provides an opportunity to boost production growth.  

Reza Taqipour commented on the event, stating, "Holding this event is highly effective in attracting investment for production in the oil and gas upstream sector."  

He described economic diplomacy as a key aspect of securing investment, saying, "Unfortunately, a false narrative against Iran has been created in the region and the world, which must be countered through economic diplomacy. We see that when many foreign investors visit Iran and observe the reality of our country, their perspective changes. Therefore, organizing such events for economic diplomacy and introducing investment opportunities in Iran—when accompanied by practical measures, streamlined processes and efforts to remove obstacles—will undoubtedly be productive and effective."  

The commission member noted that bureaucracy is currently the main challenge. "As the Supreme Leader has emphasized, existing problems are not due to foreign sanctions but sometimes stem from internal rigidities and bureaucratic barriers that hinder foreign investment and effective capital inflows. Thus, hosting such events and presenting investment opportunities, along with necessary practical steps, can attract investors interested in major sectors like upstream oil and ensure sustainable operations."  

Taqipour pointed out that 200 oil and gas opportunities were introduced at the event, adding, "Presenting these opportunities allows investors to conduct necessary assessments and gather sufficient information. At the same time, their trust must be genuinely earned. Additionally, investors' criticisms of certain restrictive regulations require precise clarifications during this event."  

He stressed the importance of stability in the capital market, saying, "As the saying goes, capital is fleeting—attracting it requires ensuring market stability. Showcasing opportunities and holding such events will draw investor interest, and their implementation will increase production, resolving imbalances and other energy challenges."  

News ID 656831

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