Foreign firm invests €9b in Iran oil

April 25, 2011

A foreign company has signed a 9-billion-euro deal to invest in three Iranian refineries, National Iranian Oil Refining and Distribution Company (NIORDC) says.

NIORDC Managing Director Alireza Zeighami made the remark on the sidelines of his tour to Tehran Oil Refinery, also known as Tondgouyan Refinery, the website of Iran’s Oil Ministry SHANA reported Saturday.
He did not disclose the name of the foreign company but said it will cooperate in projects in Abadan and Esfahan refineries and a private sector refinery.
Earlier in the week, the managing director of the National Iranian Oil Company, Ahmad Qalebani, said that Iran plans to ink $30 billion in oil deals in the current Iranian calendar year (began on March 21).
The Islamic Republic’s Fifth Five-Year Economic Development Plan (2010-2015) has envisaged $150 billion of investment in the upstream oil sector, Qalebani said, noting that the required financial resources will be provided through banks, financial and credit institutions as well as foreign investment.
The Fifth Five-Year Economic Development Plan is part of Iran’s long term roadmap for sustainable growth.
Iran is the world’s third-largest oil producer. The Persian Gulf country also sits on the world’s second-largest gas deposits.
(Source: Press TV)