Iran nees 200 billion dollars investments for oil and gas projects

Nicosia, May 16 (ANI): Iranian First Vice President Parviz Davoudi has said that his country will need investments amounting to 200 billion dollars in its oil and gas sectors over the next five years, while total investments in the coming decade will total 500 billion dollars.

Speaking to a group of businessmen in Tanzania, Davoudi said that Iran's political and economic stability has turned the country into an ideal destination for foreign investors.

He stressed that Iran is one of the most stable countries in the Middle East.he Iranian Vice-President has recently focused his attention to attracting foreign investments in Iran's oil and gas industries in visits to a number of countries including China.

Speaking in China's Hainan Province, Davoudi said that improving energy cooperation with China was one of Iran's priorities, adding that the country's huge oil and gas reserves would create great investment opportunities for Chinese firms.

China is already one of Iran's major trade partners, while the trade volume between the two countries is estimated at 24 billion dollars. Iran currently provides 13 per cent of China's oil needs and is a major supplier of liquefied natural gas (LNG) to China.

In the latest energy deal between the two countries, a consortium of three Chinese companies and the National Iranian Oil Company (NIOC) signed a 3.3 billion dollars deal in March to produce LNG in the Iranian South Pars gas field.

In January, the NIOC and China's National Petroleum Corp (CNPC) signed a 1.7 billon dollars deal for the development of Iran's North Azadegan oil field, which has estimated reserves of six billion barrels of oil.

In 2007, Iran signed a 2 billion dollars deal with China's Sinopec to develop the Yadavaran oilfield. (ANI)