Iran plans to invest $200 billion in its oil sector – report

Iran, coming out from under nuclear sanctions and working hard to raise crude production, said it is planning to invest as much as $200 billion in its oil sector, the Shana news agency reported.

It quoted First Vice-President Eshaq Jahangiri as saying at the opening of a laboratory equipment exhibition that the government wanted to develop the industry by employing new technologies.

He said the government has been seeking the country’s progress in sectors like steel and oil and gas recovery, adding it planned to invest $200 billion in the oil sector in its bid to develop the sector technologically.

Shana did not give details.

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