Call for Private Sector Investment in Oil, Gas Fields Shared With Neighbors

The development of oil and gas fields shared with neighboring states is a top priority, but unfortunately the Oil Ministry has long been grappling with financial constraints, a lawmaker from Fars Province said.
“Carrying out development plans in shared hydrocarbon reserves requires massive investment and the attraction of foreign investment is near impossible due to US sanctions, so a new scheme needs to be drawn up and the private sector should be given a bigger role,” Hossein Hosseinzadeh was also quoted as saying by ILNA.
As long as investment is not attracted and advanced technology is not transferred to the country, projects will be postponed and “we will continue to lag behind”, he added.