Oil Minister: Energy Investments Vital for Sustainable Supply in Future

Attracting foreign and domestic investments to develop oil and gas fields is among main priorities of the National Iranian Oil Company, as it will secure energy supply in the future, the oil minister said.
“Lack of investment in the key sector is very likely to have a wide array of dire consequences, one of which is forcing NIOC to import oil derivatives instead of exporting them,” Javad Owji was also quoted as saying by ISNA.
As per the 25-year strategic cooperation agreement Iran signed with China in 2021, Chinese firms are expected to invest at least $20 billion in hydrocarbon development projects over the next eight years to ensure a sustainable energy supply for both Iran and China.