Iran needs about $93.7bn of foreign investment

11 June 2007 05:16  [Source: ICIS news]

KUALA LUMPUR (ICIS news)--Iran needs about $93.7 billion of foreign investment to meet the country's expected increase in natural gas production, Iran's oil minister said on Monday.

"Iran cannot meet that level of investment and technological needs on its own," Iran's oil minister Kazem Hamaneh said at the sidelines of the two-day Asia Oil & Gas Conference.

Iran's natural gas production is set to grow to 1.51 mcm/d by 2014, and a major part of the increase would come from the South Pars -Iran's largest gas field.

"Iran would also need $43.7 billion in domestic resources in order to attain that production level," Hamaneh said.

Iran has an estimated 970 trillion cubic feet (Tcf) in proven natural gas reserves, making it the world's second largest reserves and surpassed only by Russia.

Despite the fact that domestic natural gas demand is growing rapidly, Iran has the potential to become a significant natural gas exporter due to its large reserves.

By: Nurul Darni
65 6789 4359

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