Iranian oil industry needs USD 130 bln investments – Min

TEHRAN, March 7 (KUNA) — Iranian Minister of Petroleum Bijan Zangeneh said Monday his country is in need of USD 130 billion in foreign investments to upgrade its oil facilities and modernize the exploration, exploitation and distribution networks.
During his meeting with visiting Ukrainian Deputy Prime Minister Genadi Zobkov, he said Iran’s petrochemical industry also needs investments of up to USD 50 billion.
Zangeneh said his country pins high hopes on foreign investors who can benefit from the promising investment opportunities in the Iranian hydrocarbon industry. He welcomed Ukraine’s presence in this industry, citing the ample opportunities in the manufacturing of turbines and gas compressors.
To be successful in Iran, the Ukrainian energy investors need to finance their operations through Kiev-based banks, Zangeneh added.
The meeting between the Iranian minister and Genadi Zobkov took place in the framework of the fifth session of the Tehran-Kiev Joint Economic Commission. (end) mw.gb