The Iranian oil industry needs up to $200bn in investment, the country’s Petroleum Minister Bijan Zangeneh said yesterday, with most of it having to come from overseas. $130bn was needed modernise the upstream sector, with a further $70bn for the downstream sector, including for the renovation and construction of new refineries.
Late last year, in an attempt to lure back foreign investors, Tehran introduced a new model for future oil and gas contracts which provided for more flexible terms to account for price fluctuations and investment risks.
Source: iran-bn