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huuge investment in oil by Iran

posted on Jun 26, 09 01:30PM

Iran invests $100b in oil industry in 4 years

Fri, 26 Jun 2009 08:15:10 GMT

The Mehr Petrochemical Complex was implemented through a $230 million joint venture by the domestic private sector and foreign investors from Japan and Thailand.

Iran plans to invest $100 billion during the next four years in different sections of its oil industry, Iranian Oil Minister says.

"Several projects including the development of North Pars, Golshan and Ferdowsi gas fields will be operational in the next four years," Gholam-Hossein Nozari said Thursday during the inauguration ceremony of the Mehr Petrochemical Complex in Asalouyeh in southern Iran.

The Mehr Petrochemical Complex was implemented through a $230 million joint venture by the domestic private sector and foreign investors from Japan and Thailand.

Many foreign companies are participating in 22 petrochemical projects worth $15.6 billion in the second development phase of Asalouyeh, the National Petrochemical Company's project manager, Jalil Ebrahimpour, said earlier in June.

Nozari added that total investment in Iran's oil projects has been $66 billion in the past four years. "Many people, (in the beginning), did not believe this amount of investment could be made, but that investment has now turned to real operational projects, including the Mehr Petrochemical Complex."

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