TEHRAN (MNA) – The general policies adopted by the new cabinet and the oil minister are based on paying special attention to the investment in the oil sector noted here Tuesday, the managing director of the National Iranian Oil Company (NIOC) Qolam-Hossein Nozari.

President Mahmud Ahmadinejad emphasizes the importance of attracting foreign investments and making use of the Forex Reserve Fund (FRF) for development projects, he added while addressing the First Seminar on Iran’s Oil Engineering.

Extending the activities of the NIOC from inside the country to outside the borders, boosting investments in the downstream sector of the industry with the aim of encouraging the customers, transfer of the technical know-how of the related industries and also, making revisions to the pertaining laws and regulations in order to make them compatible with the world standards and competition conditions are among the most important issues which call for more emphasis, the NIOC managing director explained.

Highlighting the NIOC overseas activities, meant to gain access to larger shares of the regional oil and gas markets, the official said development of the oil and gas fields, supplying the required gears and equipments, providing a suitable competitive condition, preventing reduction in production through finding new reserves should be the core of attention in all the decision-makings.

He also referred to the transfer of the NIOC subsidiary companies to the company’s operation sites and said, the issue might at the beginning cause some concerns but, in the long run it will be to the benefit of the NIOC. Elsewhere in his comments the oil official elaborated on the merger of the companies affiliated to the NIOC and the structural revisions made to the company’s organization. “We might merge some of the companies, however, we don’t have a special program in this regard.”

The official commented on the improvements made to the buyback agreements and said, the new contracts would be offered within the next two weeks.

He also explained the latest situations in Sorush and Noruz oil fields and said, “following our discussions with the project contractor, it undertook to take the required measures to resolve the existing problems,” the Persian service of Iranian Students News Agency (ISNA) reported.

He further touched upon the recent developments in the South Pars oil and gas field and denied rumors on the foreign companies leaving the project. RA/MA END MNA