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Iran needs to 'attract more foreign investment'
February 8, 2010
Iran's total income from crude oil sales during the year to March 2009 was $78 billion, allowing the government to channel only $11 billion into critical oil industry development, a senior official said yesterday.
Seifollah Jashnsaz, manager director of the National Iranian Oil Company (NIOC), said Iran needed to attract more foreign investment, which has dried up because of UN and US sanctions over its nuclear energy programme.
Speaking to semi-official Mehr news agency, he said the $11bn does not cover even 50 per cent of investment needs.
"If we do not make the necessary investment, the harm of the lack of timely investment in the oil industry will be irreversible to the country," Jashnsaz said.
Original Posting At: GulfDailyNews
Seifollah Jashnsaz, manager director of the National Iranian Oil Company (NIOC), said Iran needed to attract more foreign investment, which has dried up because of UN and US sanctions over its nuclear energy programme.
Speaking to semi-official Mehr news agency, he said the $11bn does not cover even 50 per cent of investment needs.
"If we do not make the necessary investment, the harm of the lack of timely investment in the oil industry will be irreversible to the country," Jashnsaz said.
Original Posting At: GulfDailyNews
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