Iran welcomes foreign investment in oil, gas

October 12th, 2008 - 3:08 pm ICT by IANS  

Tehran, Oct 12 (IANS) Iran is seeking foreign investment in a big way for development of the country’s oil and gas deposits to ensure its energy security from big power monopoly and regional conflicts, claiming it is the safest route for oil transport.Addressing the opening session Saturday of an energy conference here that would conclude Sunday, Foreign Minister Manouchehr Mottaki said: “Iran is ready to cooperate with foreign companies and states to ensure its oil supplies against the (political) turmoil in the Caucasus”, the official IRNA news agency reported Sunday.

Referring to the current turmoil in the Caucasus region, he added that Iran insists upon security of oil supplies.

He said that Iran is the safest and most economical route for piping oil and gas.

“Iran can transfer the Caspian Sea oil to the Persian Gulf and free international waters via the shortest and best possible route,” Mottaki said.

Iran’s oil minister Gholam Hossein Nozari said Saturday investments worth more than $20 billion are needed for the country’s oil refining industry.

The minister voiced Tehran’s readiness to “shake the hands which are able and would like to assist us.”

Iran looks forward to doubling its present refining capacity of 1,750,000 barrels per day.

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