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Tehran- Managing director of The Central Iranian Oil Fields Company (CIOFC) declared that the company plans to absorb up to $7 billion by the end of the fifth development plan (2015) in order to develop oil and gas fields in the central parts of Iran.

Alireza zyghami, managing director of CIOFC told Shana on Monday that under the plan crude oil production capacity would reach 0/5 million b/d from current 160/000 barrels per day while natural gas production is expected to rise to 500 million cubic meters per day.

Emphasizing CIOFC has no plan to increase oil and gas production by the end of the current Iranian year(20 March 2010), Mr. Zyghami said two oilfields and two natural gas fields would come on stream by the end of the next Iranian year (20 March 2011) respectively by a production capacity of 45/000 b/d and 15 million cubic meters per day.