Iran plans to invest $8.2b in 12 oil and gas projects

TEHRAN, June 12 (MNA) -- The Iranian Oil Ministry planned to invest 100 trillion rials (almost $8.2 billion) in 12 projects in the oil and gas sectors in the current Iranian calendar year, which ends on March 20, 2013. The money will be spent mainly on developing the South Pars gas field, developing other oilfields in the Persian Gulf, and establishing LNG plants. According to the Fifth Five-Year Development Plan (2010-2015), $30 billion should be invested in the oil and gas industries every year. Iranian Oil Minister Rostam Qasemi has said that the global economic sanctions imposed on the Islamic Republic would not hinder the development of the country’s oil industry. “The ministry is committed to accelerating the implementation of its development plans, financed through the financial system and through government bonds,” IRNA quoted Qasemi as saying in April. In August 2011, Qasemi said that the government had to begin preparing prioritized plans for the development of joint oilfields and should increase the funding for those projects. “The oil industry’s infrastructure needs more than 500 trillion rials (about $41 billion) of investment to achieve the objectives of the 20-Year Vision Plan,” Qasemi added. National Iranian Oil Company Managing Director Ahmad Qalebani has said that the country’s daily oil and gas output should amount to five million barrels and 1.47 billion cubic meters respectively by 2015.