IRAN PLANNING HUGE INVESTMENTS IN OIL, GAS SECTOR http://www.namnewsnetwork.org/v2/read.php?id=159424

Iran plans to invest a sum of $150bln in its oil and gas sector during the next five years.Iranian Oil Ministry official Mohsen Khojasteh-Mehr said the investment in the upstream oil and gas sector will bring in $179bln in five years' time.He pointed out that around $100bln of the total $150bln investment will be funded through foreign investments and local bank loans, and added that the remaining $50bln will be provided by Iran's Oil Ministry. "$32bln (of the total sum) will be set aside for maintaining production and logistics, $4bln for oil and gas exploration, $34bln for the development of oil fields, $75bln for the development of gas fields,

and $5bln for the development of the midstream sector," the official told the Islamic republic news agency.He also reiterated that if the projected investment is realized, Iran's crude oil production will reach 4.7mln barrels per day, natural gas production will climb to 1.47bln cubic meters a day, and daily production of gaseous condensates will stand at 1.2mln barrels.Khojasteh-Mehr pointed out that investment can pave the way for purchasing modern technologies and tapping into new management skills as well as technical knowhow. 

The top Iranian Oil Ministry official also underlined the need to boost productivity in all arenas.Meanwhile, some 35,000 tons of fuel oil will be offered on the international trade hall of the Iranian Mercantile Exchange in the Persian Gulf island of Kish.According to an MNA report, the base price for fuel oil will be 621.35 dollar per ton and payment would be made through Euro or Dirham accounts overseas under the supervision of the National Iranian Oil Company. Iran, having the world's second largest gas reserves and third largest oil reserves, is trying to play a more active role in oil and petrochemical transactions in international markets. Recently Iran started offering gasoline in the Kish island oil bourse.