Iran Plans $8 bn Investment in Oil, Gas Sector This Year

The Iranian Oil Ministry plans invest almost $8.2 billion in 12 projects in the oil and gas sectors in the current Iranian calendar year, which ends on March 20, 2013.

Mehr News Agency has reported that money will be spent mainly on developing the South Pars gas field, developing other oilfields in the Persian Gulf, and establishing LNG plants.

The oil industry’s infrastructure needs more than about $41 billion of investment to achieve the objectives of the 20-Year Vision Plan, Mehr said citing government officials.

The government has reiterated its committed to accelerating the implementation of its development plans, financed through the financial system and through government bonds.