Mohammadreza Aref, speaking to reporters Tuesday at the opening ceremony of the Transformation in Investment and Development of Iran’s Upstream Oil and Gas Industry event, explained the rationale behind the 8% growth target.

“The 8% growth is based on two factors,” he said. “First, it addresses the nation’s demands, and second, it aligns with the goals set in the national vision document. We should not aim for growth lower than the document’s target, which is why the Islamic Consultative Assembly approved an 8% growth rate.”

He added, “To achieve this growth, we estimate over $100 billion in investment is needed in this sector. Fortunately, by naming this year ‘Investment for Production,’ we hope to make significant progress in securing capital to meet the Seventh Development Plan’s objectives.”

When asked about the government’s role, Aref said, “We’ve concluded that the government should act as a facilitator, and we are seriously pursuing a strategy of private-sector participation. Our estimates show substantial domestic capital is available within the private sector, and with proper safeguards, it can be utilized. However, investors must be assured they can access their capital whenever needed.”