Iran's Oil Minister Bijan Namdar Zanganeh said on Sunday that the country needed to attract foreign investment to develop its oil and gas fields, reported Iran Daily.
The minister dismissed criticism in Iran that the oil ministry is not making optimal use of local resources to develop the industry, said the paper.
"Our private sector does not have the big money needed to invest in upstream energy project. If we lose our share in OPEC, we will suffer great economic losses," Zanganeh was quoted as saying.
"We have to raise our capacity to five million barrels a day as soon as possible. This requires much investment, "
The oil minister noted that Iran had 96 billion barrels of crude oil and 26 trillion cubic meters of natural gas, said the report – Albawaba.com
© 2000 Al Bawaba (www.albawaba.com)
