Foreign investment in Iran's oil sector stands at US $20 b

IRAN: Iranian Oil Minister Rostam Qasemi says foreign investment in Iran's upstream oil sector has amounted to USD20 billion.

Qasemi said on Sunday that development contracts have been finalized for 23 out of 27 oil fields Iran shares with neighboring countries.

The minister added that necessary funds for investment in the shared oil fields were provided from available resources, buyback deals with foreign countries, and private sector firms.

"So far, USD20 billion has been invested by foreign countries in Iran's upstream oil sector...," Qasemi said.

Considering the illegal sanctions imposed against Iran, Tehran should increase its oil output to maintain its production position in the Organization of the Petroleum Exporting Countries (OPEC), Qasemi added.

At the beginning of 2012, the United States and the European Union (EU) imposed new sanctions on Iran's oil and financial sectors.

On October 15, 2012, EU foreign ministers agreed on another round of sanctions against Iran.

The illegal US-engineered sanctions have been imposed based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegation, arguing that as a committed signatory to the Non-Proliferation Treaty and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.

PRESS TV