Latest News:  
Beijing   Thundershower/Shower    28 / 20   City Forecast

Home>>World

Iran to form consortiums to exploit joint oil fields

(Xinhua)

10:01, August 26, 2011

TEHRAN, Aug. 25 (Xinhua) -- Iran's Oil Minister Rostam Qasemi said Thursday the private sector should form "huge oil consortiums " to finance energy projects in the country and to exploit joint oil fields, the English language satellite Press TV reported.

"The Oil Ministry has no plan to downsize its projects and the oil industries' contractors should expand their activities," Qasemi was quoted as saying.

Qasemi said that "in the near future many oil projects will be carried out in the joint fields (with neighboring countries), so the acceleration of the formation of oil consortiums is necessary, " when addressing a gathering of oil industry manufacturers, contractors and consultant engineers in Tehran on Thursday, according to the report.

Iran would invest 50 billion U.S. dollars in the oil sector every year which is 2.5 times the annual developmental budget, the minister said, adding that "a large part of it would be provided by selling bonds both in rials and foreign currency."

Qasemi said Iranian manufacturers and contractors measure up to their Korean and Chinese counterparts, but they had problems with project schedule due to low funds, said the report.

Earlier this month, Managing Director of Iranian Central Oil Fields Company Mehdi Fakour said Iran was prepared to sign an agreement with Iraq to develop joint oil fields in the border areas.

Fakour said Iran was studying the details of the agreement that, if signed, would help the two neighboring states increase their crude output.

According to Press TV, the two countries have 23 joint oil fields in the border regions and earlier this year, Tehran and Baghdad agreed to establish joint expert committees to finalize technical and financial details of a deal that aimed at the development of the joint oil fields.

Email|Print|Comments(Editor:梁军)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Air-sea rescue exercise held in Shanghai

  2. Moderate quake hits US east coast, no casualties

  3. In pictures: Steve Jobs resigns, end of an era at Apple

  4. Motorbike-shaped craftwork made of lobsters

Most Popular

Opinions

  1. Reflect on negative effects of Libya war
  2. Is over-urbanization causing China's inflation?
  3. Will China repeat Japan's 'lost decade?'
  4. China must be wary of genetically modified food
  5. Tough decade may lie ahead for world economy
  6. US' flooding dollars must not be condoned: scholar
  7. Trial voyage turns 'China threat theory' on its head
  8. Global economy not to suffer deep recession
  9. No safe havens in global financial storm
  10. HK blessed with new development opportunity

What's happening in China

China overtakes US as largest PC market

  1. Govt eyes safety of underground water
  2. Severe leg injuries likely to leave Yiyi disabled
  3. Scientist faces questions over credentials for honor
  4. 7 detained in NE China coal mine flood
  5. Guo Meimei not linked with RCSC

PD Online Data

  1. The Qiang ethnic minority
  2. The Ozbek ethnic minority
  3. The Lisu ethnic minority
  4. The Hani ethnic minority
  5. The Hui ethnic minority