Iran inks 80-billion-dollar oil deal with foreign investors: deputy

Houshang Falahatpour in an interview with Iranian state news agency Fars news said, “The policy of the Ministry of Petroleum in the 13th government has been to make maximum use of the financing capacity from within the country. Hence, we have directed the capital of banks and large holdings of the country to the oil industry. For example, we opened the door to steelmakers to invest in the development of gas fields.”

“It is necessary to use the financial power of these industries to provide them with stable gas. As a result, if the steel company invests in the development of gas fields, it will be exempted from applying restrictions on gas supply in the cold season of the year, because it will receive its gas from the developed field,” Falahatpour said.

The government also contacted large banks and holding companies to participate in the construction of oil refineries, including the Shahid Soleimani Oil Refinery.
“In addition, we have had detailed discussions with foreign countries to attract investment,” he added.

“So far, we have signed more than $80 billion of memorandums of understanding with foreign investors to participate in the financing of oil projects, including the development of fields and the construction of refineries. More than $5 billion of this amount has been converted into contracts, and the rest, God willing, will be converted into contracts one after the other.”

Falahatpour said the government is trying to make up for the backwardness in the field of investment by making maximum use of domestic capacities and developing relations with neighboring and Asian countries.

“God willing, good things will happen in the coming months and years,” he said without elaboration.