Iran plans to invest $50 billion in joint oil fields

TEHRAN,June 30(MNA) - The Iranian Oil Ministry plans to invest 50 billion dollars for developing joint oil fields in the current Iranian calendar year which started on March 20, Iranian Oil Minister Rostam Qasemi announced on Thursday. Qasemi made the announcement in a meeting with some Oil Ministry officials in the southwestern city of Gachsaran. The minister said in the previous years 15 billion dollars had been invested on joint oil fields which this figure increased to 27 billion dollars during the last calendar year. He also said in the current year 12 new contracts have been signed with foreign contractors for development of joint oil fields. Iran shares joint oil fields with the United Arab Emirates, Iraq, Qatar, Kuwait, Oman, and Saudi Arabia.