Iran General NewsIran needs bank to channel funds to energy industry-Nozari

Iran needs bank to channel funds to energy industry-Nozari

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ImageReuters: Iran should set up a bank to help channel investment to its energy industry, Oil Minister Gholamhossein Nozari was quoted as saying on Sunday.

ImageTEHRAN, May 24 (Reuters) – Iran should set up a bank to help channel investment to its energy industry, Oil Minister Gholamhossein Nozari was quoted as saying on Sunday.

Analysts say Iran needs more foreign investment and modern technology to help expand its oil production capacity but that U.N. and U.S. sanctions imposed over Tehran's disputed nuclear programme are deterring Western energy companies in particular.

The state oil firm estimates annual investment needs at $25-30 billion in the oil and gas sector to meet its development goals. Iran is the world's fifth-largest crude exporter.

Nozari, quoted by the Oil Ministry website SHANA, said more than $66 billion had been invested in the Iranian oil sector in the past four years.

"In view of this large volume of investment the establishment of this bank in the oil sector is a necessity," he said at an energy conference in Tehran.

"With the establishment of this bank we can support the private sector in the implementation of oil industry projects and bring about necessary capabilities in this sector," he said, according to SHANA.

(Reporting by Hashem Kalantari; Writing by Fredrik Dahl; Editing by Valerie Lee)

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