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Iran should set up an energy bank to help channel investment to its energy industry, Oil Minister Gholamhossein Nozari said.
The National Iranian Oil CompanyNational Iranian Oil Company
estimates annual investment needs at $25-30 billion in the oil and gas sector to meet its development goals. Iran is the world's fifth-largest crude exporter, Moj News Agency reported.Nozari said more than $66 billion has been invested in the oil sector in the past four years. "In view of this large volume of investment, establishment of the proposed bank in the oil sector is indeed crucial."
"With the help of this bank, we can support the private sector in the implementation of oil industry projects and bring about necessary capabilities in the sector," he concluded.
Iran's proven oil reserves have increased dramatically, bringing in foreign investments of roughly $10 billion in the past year. Seifollah Jashnsaz, director of National Iranian Oil CompanyNational Iranian Oil Company
, said oil reserves now stand above 138 billion barrels and production has increased substantially. Iran is pushing for deals in its energy sector to boost output.
© Iran Daily 2009
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