Petroleum minister Masoud Mirkazemi said an oil industry private bank, with at least $200 million capital, will be set up in the near future.
In a meeting with senior managers of investment firms, Masoud Mirkazemi said the plan is aimed at channeling more private sector funds into the oil industry projects and providing new funds to implement oil projects especially in the downstream sector, Shana reported.
Mirkazemi said under the Money and Credit Council instructions, the minimum capital to establish a bank is 200 million dollars adding that a working group has been formed to accelerate the move.
The minister noted that by establishing the bank, investment potentials in oil sector would triple over the fifth five-year development plan.
Mirkazemi went on to say that under fifth five-year development plan, oil industry needs $200 billion dollar investment, out of which $125 billion should be allocated to the upstream sector.
He underlined that in order to facilitate the implementation of Article 44 of the constitution, which emphasizes on privatization, his ministry supports establishment of the bank and will try to accelerate its registration process in the Iran's Central Bank (CBI).
Bank Mellat Branch in Turkey
Iran's Ankara Embassy Economy Counselor Ali Masaeli has been in talks with Van Governor Munir Karaloglu regarding the opening of a branch of the Iranian State Bank, Bank Mellat, in Van, Turkey.
Visiting Governor Karaloglu in his office, Masaeli received information from Karaloglu concerning the trade volume between Van and Tehran and the border trade between the two countries, ISNA wrote.
Stating that the volume of exports with Iran, excluding border trade, was $61,917,568 last year and that imports stood at $1,272,443, Governor Karaloglu drew attention to the trade potential between the two countries.
Also last week, Iran and Iraq have reached an agreement to allow their banks to set up new branches in their respective countries to facilitate economic cooperation.
The agreement was reached during a session of the high council of Iran-Iraq joint cooperation chaired by Mohammad Reza Rahimi, Iran's first vice president.
The agreement also recommends banks of the two countries to offer currency exchange services at joint border posts.
© Iran Daily 2010
