Iranian Oil Minister Seyyed Masoud Mirkazemi said a privately owned bank with a minimum capital of $200 million will soon be opened to fund the oil industry projects.
SHANA news agency quoted the oil minister as saying on Saturday that the bank would accentuate the role of the private sector in the industry and provide capital to carry out projects, especially in downstream industries.
He pointed out that a working group has been set up to expedite the establishment of this bank.
The official added that the new bank will triple the amount of investments in the oil industry within the fifth five-year socio-economic development plan (2010-2015).
Based on the plan, some $200 billion should be invested in the oil industry, of which $125 billion has been earmarked for upstream industries, he said.