Iran plans to invest USD 400 billion in oil industry - Mr Rostam
Mr Rostam Qasemi, Iranian Oil Minister said that development plans worth USD 400 billion will be implemented to reform the domestic oil industry.
Mr Qasemi said that once the development plans are completed, the country will earn USD 500 billion income annually from exporting oil, gas, and petrochemicals.
According to the plan, the country's oil output should be increased to 5.5 million barrels per day from 4 million barrel per day by March 2016.
He said that output at the South Pars gas field will reach 750 million cubic meters by March 2016.
He added that "According to projections, oil prices will remain higher than USD 100 per barrel in 2013. However, if the prices go under USD 100 OPEC will hold urgent meeting to cut production ceiling."
During the 162nd regular ministerial meeting of the OPEC in Vienna, Austria member states agreed to maintain the organization's production ceiling of 30 million barrels per day.
OPEC, which provides about 35% of the world's oil, is a permanent intergovernmental organization of 12 oil exporting countries, including Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.
Source - en.trend.az