UPDATE 1-Iran plans $40 bln for gas field development - Reuters India

By
Viraj
on November 1, 2009 9:41 PM | | TrackBacks (0)
TEHRAN, Nov 1 (Reuters) - Iran estimates that investments of$40 billion are needed to develop remaining phases of its SouthPars natural gas field within 10 years, the head of the statePars Oil and Gas Company was quoted as saying on Sunday.

Oil Tanks manufacturing facility, India.

Separately, Oil Minister Massoud Mirkazemi said the IslamicRepublic's state oil industry has about $80 billion worth ofincomplete projects following last year's crude price fall andhe called for increased private sector involvement. Their comments underlined Iran's need of capital to helpdevelop its all-important energy sector, in the face of U.N. andU.S. sanctions which are deterring many Western investors, eventhough oil prices have recovered this year.

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