TEHRAN (PIN) – The Presidential Office’s Strategic Planning and Supervision Department here Sunday announced that the value of contracts signed in the oil industry in the past two years touched 38.345 billion dollars.

The contracts have been inked by the four main subsidiaries of Petroleum Ministry, with the National Iranian Oil Company (NIOC) standing top in terms of the worth of deals – 17.144 billion dollars.
During the two-year period, the National Iranian Oil Refining and Distribution Company (NIORDC) has signed 8.27 billion dollars worth of contracts while the value of the National Iranian Gas Company’s (NIGC) deals has hit 7.469 billion dollars and the worth of the National Petrochemical Company’s contracts has stood at 5.462 billion dollars.
Iran’s Oil Minister Gholamhossein Nozari said foreign investment in the country’s oil sector had hit 20 billion dollars over the past two years, Press TV reported.
At a press conference in Tehran, Nozari said Iran had finalized two agreements worth 40 billion dollars with Asian companies for investments in several ventures including the North Pars project.
He said Iran’s oil revenues would increase by 20 billion dollars and would reach 60 billion dollars by next March.
Shifting to investments made in the development plan of South Pars gas field, the Presidential Office’s report said 1.95 billion dollars was spent in 2005 while the figure stood at 2.69 billion dollars in 2006 and it reached one billion dollars in the first five months of the current Iranian year (March 21 to August 22, 2007).