samedi, avril 16, 2005

Oil Sector Needs $150b

Sharq, Daily Newspaper, Apr. 16th, 2005

President Mohammad Khatami was not in Tehran when Iran’s tenth oil, gas and petrochemical exhibition started its four-day work on Thursday. This is the last Oil Show under the second term of Khatami which ends in June. A total of 691 Iranian and 438 foreign companies are taking part in the exhibition France, Germany, Britain, Italy, Spain, the United Arab Emirates, Canada, Russia, the Netherlands, Australia, India, Belgium, Norway, Switzerland, Japan, Ukraine, Saudi Arabia, China, Singapore, Malaysia, Turkey, Scotland, Monaco, Kuwait, Denmark, Bahrain, Azerbaijan, Austria, Poland, New Zealand and the Republic of Czech are present here.

Minister of Petroleum Bijan Namdar Zanganeh says high oil prices create an alluring environment for investments in the oil sector.

“High oil prices can create new capacities in the oil contracting companies,” Zanganeh told the opening of Iran’s Oil Show.

“The growing trend of crude prices will promote the capacities of oil contractors both inside and outside our country,” he said.

The minister noted that Iran was targeting to become the biggest producer of petrochemicals in the region in 10 years.

“Iran will earn 20 billion dollars from petrochemical sales, be the second
OPEC producer with seven percent of the world’s production and exporter of ten percent of the world’s gas through pipeline or within liquefied natural gas form,” he said, adding that the refineries would be able to handle 700,000 barrels of heavy crude.

Zanganeh said the country needed around 150 billion dollars of investment in its upstream and downstream oil sectors to reach its long-term objectives.

“Our buy-back deals will hit around 70 billion dollars in seven years,” said the minister.

Managing-Director of National Iranian Gas Exports Company Roknoddin Javadi says oil companies can identify their future partners in the annual oil shows held in Tehran.
“Annual oil, gas and petrochemical exhibitions serve as a good opportunity for oil firms to know one another and press ahead with their commerce,” he said.

Javadi said such exhibitions are meant for promotion of ties and creation of opportunities for cooperation.

Deputy Minister of Commerce Khosrowtaj says Iran’s oil shows are the most significant specialized events of the year.

“Numerous reasons are behind the unprecedented growth in the number of oil, gas and petrochemical exhibitions in Iran. Our strategic reserves represent one reason,” he told the opening of Iran’s Oil Show.

He said Iran’s liberalization plans, privatization and encouragement of foreign investments were other reasons.

“Today, the conditions have drastically changed and our companies handle many national projects,” he said.

The official stated that Iran was cooperating well with Britain, Australia,
Canada, France, Russia and South Korea in oil projects.

“Iranian contractors can handle important jobs now. They are also contributing to construction of jetties in the Middle East, Central Asia and North Africa. Our foreign engineering deals reach 960 million dollars,” he said.

Zanganeh said Iran will accept any decision adopted by OPEC to adjust its production.

“Any decision OPEC makes to either increase or keep its crude output is acceptable for Iran,” Zanganeh told reporters on the fringes of Iran’s Oil

The minister said Iran has not yet received any telephone call regarding changes to OPEC production.

The Organization of the Petroleum Exporting Countries raised output limits by 500,000 bpd to 27.5 million bpd in mid-March and left room for a second rise before a June ministerial meeting if prices failed to ease below $55.

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