9 February 2016 - 16:47
  • News ID: 254938
No Upstream Cession

TEHRAN, Feb. 09 (Shana) -- Iranian Minister of Petroleum Bijan Zangeneh said on Tuesday that the Ministry of Petroleum endorses private sector investors in the petrochemical and refinery sectors, adding that upstream sectors cannot be ceded to private investors and state ownership of 20% of petrochemical projects must be maintained.

Addressing a press conference, he said Iran has customers to sell its crude oil supplies and has so far signed several deals in this regard. 

"We are having some issues with the transportation insurance only which can be solved," he said. 

He said development projects of 15 or 16 joint oil fields will be put to tender in Iran next year. 

Regarding Iran's presence in Caspian Sea oil recovery, Zangeneh said extraction of oil from offshore fields of the region is very costly which is not economically justifiable given the current prices, but "presence in the area is important for us." 

News ID 254938

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