Iran pledges $40bn on oil investment this year

Minister says spending will increase $10bn despite being sanctions

Oil Minister Rostam Qasemi says sanctions will not dent investment plans. GETTY IMAGES
Oil Minister Rostam Qasemi says sanctions will not dent investment plans. GETTY IMAGES

Iran’s Oil Minister Rostam Qasemi announced on 17 April Tehran will pour over over $40bn will be invested in the country's oil industry over the Iranian year, despite sanctions, the Fars news agency reported.

"This year $40bln of capital will be injected into the oil industry," Qassemi said, reported Fars.

Qasemi also reiterated that despite the problems and embargos faced by Iran last year, the country managed to invest $30bln in its oil industry. Tehran has made a series of grand statements about the health of its oil industry since beign threatened with a furtehr round of sanctions.

Qasemi said on April 1 that the oil industry would face fewer problems this year due to support from the president and other officials, stating that the oil industry is expected to increasingly rely on domestic capabilities.

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