Iran wants investment for safe oil

Calcutta News.Net
Sunday 12th October, 2008

Iran has been seeking foreign investment for development of the country's oil and gas deposits to ensure its energy security from big power monopoly and regional conflicts, claiming it has the safest route for oil transport.

Addressing the opening session of an energy conference, Iranian Foreign Minister Manouchehr Mottaki said Iran insisted upon the security of oil supplies.

He said that Iran had the safest and most economical route for piping oil and gas, from Iran to the Caspian Sea or to the Persian Gulf.

Mr Mottaki said investments worth more than $20 billion were needed for the country's oil refining industry.

The minister voiced Tehran's readiness to accept assistance to double its present refining capacity of 1,750,000 barrels per day.

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