Cordial Ties With Int’l Community Vital for Ensuring Energy Security

Tapping into the huge offshore and onshore oil and gas reserves to ensure energy security requires not only massive investment, but also cutting-edge technology, neither of which is available in Iran, an energy expert said. 
“Not being able to attract foreign investment is a recipe for disaster and the only way to convince international giants to finance upstream and downstream initiatives in Iran is by developing friendly relations with the world,” Morteza Behrouzifar also told ILNA.
The implementation of development plans in hydrocarbon reserves needs an investment of at least $300 billion. Pinning hope on domestic banks and companies to fund mega projects is unrealistic, as most of them have long been struggling to survive, he added.
The energy expert noted that as long as sanctions remain in place and foreign investors are not given a reliable guarantee and do not feel economically safe, they will never risk losing their money.