TEHRAN, Iran, Feb.11
Trend:
Iran plans to increase capacity of gas condensates and crude oil refineries, Member of Parliament's energy committee Sakineh Almasi told Trend commenting on the effect of US sanctions on private sector's investments in oil industry.
"The plan is to use the capacity of private sector in development of oil and gas industry," Almasi said. "Sanctions have reduced oil export; therefore, the investments in purchase and sale of oil products can reduce the effect of sanctions."
"There should be a guarantee for return of investment capital; otherwise, the investors would not be interested to invest in current market," the MP said adding that refineries can easily ensure the return of investment to the private sector and revive the oil industry condition.
"The committee has suggested a plan to increase capacity of oil and gas condensates refineries via investments. The private sector capacity in development, exploration and export in this field should not be ignored," Almasi said.
"Approving the support of people's investment in refineries' establishment and passing the regulation to attract private investors is expected from the oil ministry," she said.
"Establishing refineries is the best way to boost country's economy in sanction situation and compensate lack of oil and gas sale in global market. People's investments is the best support of domestic products that should be expanded by private sector participation," the MP added.