LOC19:19
16:19 GMT
TEHRAN, Oct 23 (KUNA) -- Iran's Oil Minister Bijan Zanganeh announced Sunday that his country is planning to pump USD 200 billion into the oil sector in order to bolster Iranian petroleum resources, official media reported.
Iran's oil resources are estimated to be worth USD 8 billion, and can go up to USD 12 billion whenever new oil contracts are implemented, Zanganeh told participants of a forum on oil contracts and ways to finance them, according to Islamic Republic News Agency (IRNA).
According to the five-year development plan, of the USD 200 billion to the oil sector; USD 130 billion is to go for the oil exploration and extraction section, he noted. (end)
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