Iran’s NIOC assets surpass $200 billion

TEHRAN,Feb.14(MNA)--The National Iranian Oil Company (NIOC)’s assets have exceeded $200 billion, according to a report recently released by the Oil Ministry. The rise in assets is contrary to stipulations of the article 44 of the Constitution on downsizing state-run entities. According to Iran’s fifth five-year economic development plan (2010-2015), the NIOC should invest as much as its total assets in developing oil and gas industry’s infrastructures. The plan has envisaged boosting the country’s gas production by 250 million cubic meters per day to reach 1.4 billion cubic meters per day. Energy Intelligence has ranked the NIOC as the second biggest oil companies in the world, next to the Saudi Arabia’s Aramco. Iranian Oil Minister Rostam Qasemi has announced the country’s recoverable oil reserves stands at 154.8 billion barrels. Iran ranks second in the world in natural gas resources after Russia with available gas reserves estimated at over 33 trillion cubic meters.