Iran plans to attract 70 bln USD investment in oil and gas industry

Iran plans to attract 70 billion U.S. dollars for investments in its oil and gas industry, Tehran Times daily reported on Sunday.

 The Oil Ministry has prepared a roadmap for investment in the oil and gas industry for the next eight years, Iranian Oil Minister Bijan Namdar Zanganeh was quoted as saying.

 The main priority will be placed on completing the projects in joint oil and gas fields, especially the development of the South Pars gas field which is shared with Qatar, said Zanganeh.

 Expansion of petrochemical units and refineries will be the second priority, he said.

 Earlier this week, Zanganeh said Iran has begun talks with the potential investors in its energy industry, which may help western oil giants move back into the country, according to Tehran Times.

 Iran and six world powers reached a deal on Nov. 24 to curb Tehran's nuclear program, in exchange for limited sanctions relief. However, strict U.S. and European Union bans on investments in its creaking energy sector remain in place.