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Intl. Firms Negotiate $200 Billion of Oil Deals in Iran

Source: 7/15/2017, Location: Asia

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Asian and European companies are negotiating participation in Iran’s oil and gas development projects which need $200 billion worth of investment, Minister of Petroleum Bijan Zangeneh says.

Iran looks to absorb 65% to 70% of this sum from abroad, the minister told Iran’s Parliament where he was to answer questions about a $5 billion gas deal signed with French giant Total earlier this month.

Deputy Minister of Petroleum for International Affairs Amir Hosssein Zamaninia said the deal with Total has set the ball rolling for the conclusion of more contracts with international companies.

“I can assure you this isn't the last one. We'll see other contracts being made within the next few weeks," Zamaninia was quoted as saying on the sidelines of a conference in Istanbul on Tuesday.

Companies most interested
Zamaninia cited BP, Russia's Gazprom and Lukoil, and Malaysia's Petronas among the international companies which were having discussions with the country.

According to vice chairman of the board of directors of the Iranian Petroleum Federation Reza Paydar, Denmark has proposed a $1 billion investment contribution to Iran's development plans, adding the two sides will soon begin to establish communication in this regard.

“The highest interest in investing in our country has been received from Austria, Norway, Sweden, the United Kingdom, Germany, and in a very limited form from Italy and Spain,” he told IRNA news agency.

In the upstream sector, 53 projects are currently prioritized with an estimated $108 billion in foreign investment.

“Our expectation is that this amount will be realized within a maximum of three to five years, which will pave the way for future investments in the next program,” Paydar said.

For downstream operations, two fields of activity have been defined in the refinery and petrochemical development sectors.

The total investment required in the two sectors is about $60 billion, some $40 billion of which will go to the petrochemicals and $20 billion to refining and converting crude oil into hydrocarbon products, Paydar said.

Iran’s oil industry officials have previously put total investments required in various sectors of the oil industry at $445 billion, including $230 billion in oil, $130 billion in gas, $20 billion in refining and distributing oil products, and $65 billion in the petrochemical industry.

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