Economic Council Approves Oil, Gas Projects Worth $4.4 Billion

The government’s Economic Council has approved $4.4 billion worth of investment in three oil and gas development projects, the managing director of the National Iranian Oil Company said.
“Investment in the key sectors is vital and will help NIOC to meet the rising domestic demand for oil derivatives and natural gas in the years to come without having to import them at exorbitant prices,” Mohsen Khojastehmehr was also quoted as saying by the Oil Ministry’s news portal.
The development of oil and gas fields will secure energy supply in the future, he added.
At an estimated cost of $300 million, the expansion of Changouleh Oilfield near the Iraqi border in Ilam Province was the first plan approved by the council.