Iran plans to ink $30b in oil deals

April 23, 2011 - 0:0

TEHRAN - The National Iranian Oil Company’s managing director announced that the country is planning to ink 30 billion dollars in oil deals in the current calendar year (began March 21).

The fifth five-year socio-economic development plan (2010-2015) has envisaged investing up to 150 billion dollars in the upstream oil sector, Mehr news agency quoted NIOC head Ahmad Qalebani as saying.
According to him, the required capital will be provided by domestic banks, financial and credit institutions as well as energy funds.
Iran is the world's third-largest oil producer. The Persian Gulf country also sits on the world's second-largest gas deposits