Iran to invest $50 billion in oil sector

Science Daily:

Iran will invest up to $50 billion in the oil sector over the next five years in line with a five-year development plan, officials said. READ MORE

The Iranian News Agency Tuesday quoted Mohsen Yahyawi, a member of the energy committee in parliament, as saying, "According to the fourth five-year plan, Iran will invest an annual average of $10 billion to develop the oil sector."

Yahyawi said the amount adds up to only half of the budget allocated in the government plan to develop oil fields.

The rise in international oil prices has secured millions of dollars in additional revenues for Iran, he said.