Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: Intense US efforts are being made to resolve differences, such as the issue of the Israeli presence on Mount Hermon and in southern Syria
Israeli media: The security agreement means amending the disengagement agreement, which will also address the Druze issue
Israeli media: Attempts to reach a security agreement between 'Israel' and Syria were among the topics discussed at the Paris meeting
Israeli media: Sheikh Muwaffaq Tarif rejected a US proposal to join the recent tripartite meeting between Tom Barrack, al-Shaibani, and Dermer
Saba News Agency: Two martyred, five injured in a preliminary toll of the Israeli aggression on the Yemeni Oil Company station on Al-Sitteen Street in Sanaa
Senior Yemeni military source to Al Mayadeen: We observed a state of confusion among the enemy's aircraft squadron after Yemeni air defenses intercepted the attack
Senior Yemeni military source to Al Mayadeen: The Yemeni air defense forces succeeded in neutralizing a squadron of enemy aircraft and prevented airstrikes on some governorates
Senior Yemeni military source to Al Mayadeen: Our air defenses and missile forces forced a formation of enemy aircraft to flee the airspace
Member of the Ansar Allah Political Bureau, Mohammed al-Bukhaiti: The Israeli aggression on Yemen will not deter us from continuing to support Gaza, no matter the sacrifices
Al Mayadeen's correspondent: The Israeli aggression targeted the Yemeni Oil Company station on Al-Sitteen Street, southwest of the capital, Sanaa, with several raids

Iran signs $80bln worth of oil deals with foreign investors: Tehran

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Apr 2023 18:10
  • 1 Shares
4 Min Read

Iran is bolstering its economic sector, signing MoUs worth more than $80 billion with foreign sectors to finance oil projects.

  • x
  • A Venezuelan oil worker walks in the El Palito refinery during the arrival of Iranian oil tanker Fortune near Puerto Cabello, Venezuela, May 25, 2020 (AP)
    A Venezuelan oil worker walks in the El Palito refinery during the arrival of Iranian oil tanker Fortune near Puerto Cabello, Venezuela, May 25, 2020 (AP)

Iran has signed more than $80 billion in memoranda of understanding with international investors to participate in the financing of oil projects, with more than $5 billion transformed into contracts, Petroleum Deputy Minister Houshang Falahatpour said Monday, as quoted by Iranian media.

"The policy of the Ministry of Petroleum in the 13th government has been to make maximum use of the financing capacity from within the country," Falahatpour told Fars news agency.

"Hence, we have directed the capital of banks and large holdings of the country to the oil industry. For example, we opened the door to steelmakers to invest in the development of gas fields," he added.

The official also underlined the necessity of using these industries' financial might to provide them with stable gas, noting that this means that a steel company investing in the development of gas fields would be exempted from applying restrictions on gas supply when the weather is colder, as it will receive gas from the developed field.

He revealed that Iran detailed discussions with international partners to attract investment to the country, revealing the aforementioned figures and adding that "more than $5 billion of this amount has been converted into contracts, and the rest, God willing, will be converted into contracts one after the other."

Tehran estimates that it is the holder of the world’s largest oil and gas reserves combined, and at current recovery rates, it can continue to produce hydrocarbon resources for another century, though sustainable production in the industry requires investment and the use of sophisticated equipment.

According to Falahatpour, the Islamic Republic is trying to make up for the shortcomings in the field of investment by maximizing the use of domestic capacities and developing ties with neighboring and Asian states.

This comes after the head of the National Iranian Oil Company said his country was planning on boosting its oil and gas production capacity by 50%, for which it would require $160 million in investment.

Related News

Merz eyes new alike-thinking trade partners over US tariffs

JD Vance says 'Russians have made significant concessions' to Trump

The state, the official said, would need to invest $89 billion in oil and $71 billion in gas. "With this investment, the oil production capacity will reach 5.7 million barrels and the gas production capacity will hit 1.5 billion cubic meters per day," he told the Iranian news agency IRNA during an interview.

The government of President Ebrahim Raisi is implementing 32 production maintenance projects signed by its predecessor, the government of former President Hassan Rouhani, with numerous plans, seven, to be exact, to increase recovery and maintain production becoming in place, and the rest being close to becoming operational.

The head of the National Iranian Oil Company, Mohsen Khojasteh-Mehr, revealed that the total value of contracts signed with Russian investors is $4.5 billion, adding that they involve seven Iranian oil fields.

Read next: Russia-Iran trade hits record high: Russian envoy to Iran

The revelations regarding Iran's booming energy sector come less than a month after Iranian Oil Minister Javad Owji revealed that Tehran's oil exports have reached their highest level in the past four years amid unilateral sanctions imposed by the United States.

"We exported 83 million more oil barrels since 21st March 2022 compared to the same period last year. This represents 190 million more oil barrels exported compared to the period March 2021 to March 2022," Owji said.

Ever since Iran gained complete autonomy following its 1979 revolution, the country has been the target of excruciating sanctions imposed by the West.

Since Washington withdrew in 2018 from the 2015 Iranian nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), it reimposed harsh unilateral sanctions against Tehran and its oil exports and revenues, with only a few countries purchasing Iranian crude.

In early February, Iranian President Ebrahim Raisi pointed out that the increase in Iran's oil sales and production are things that anger its enemies.

  • United States
  • Russia
  • Oil Production
  • Oil prices
  • Iran

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Palestine will not be liberated by UN reports, but by pursuing a different strategic horizon: one that does not beg for recognition. (Al Mayadeen English; Illustrated by Batoul Chamas)

Economy of Genocide: Albanese's report accuses, but doesn't dismantle system

  • Opinion
  • 18 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS