Iran’s oil minister strongly supports developing joint oilfields

TEHRAN,Dec. 13 (MNA)--Iran’s oil minister believes that financing development of joint oilfields, even at 30-35 percent profit rates, is better than leaving this opportunity to rivals to tap the oilfields. Considering that other countries, which have joint oilfields with Iran, are ahead of the country in tapping the oilfields, it is economically justified to offer 30-35 percent profit to financiers,oil minister Rostam Qasemi said. Qasemi said in November that 21 oil and gas fields should be offered to domestic and foreign investors by the end of the fifth five-year development plan (2015). Addressing an investment opportunities conference in Tehran, he said that the country needs some $50 billion annually to develop its oil industry. He added that the annual petrochemicals production capacity should reach 100 million tons by the end of the fifth development plan. Qasemi went on to say that new policies have been adopted to encourage foreign entities for boosting investments in Iran’s oil and gas sectors.