BAKU, Azerbaijan, April 23. A private guarantee fund in Iran's oil sector has been established with the participation of the National Iranian Oil Company (NIOC) and a number of banks, the country's Deputy Oil Minister, CEO of NIOC, Hamid Bovardtold reporters, Trend reports.
He said that the initial capital of this guarantee fund is 300 million euro, and by providing the necessary guarantees, it is possible to increase the mentioned funds to several billion euro for large projects.
Bovard mentioned that Iran's Mellat Bank, Tejarat Bank, Shahr Bank, as well as exploration and production companies cooperated in the establishment of the guarantee fund.
With the activities of the fund, guarantees will be provided for the implementation of projects in the oil and gas sector, he explained.
The official added that there are more than 200 projects for large, medium, and small investments in the Iranian oil and gas sector (upstream).
A total of 74 oil fields and 22 gas fields are currently operating in Iran. There are 37 oil fields in the territory of the National Company of Iran's Southern Oil Zones, 14 in the territory of the Iranian Central Oil Zones Company, five in the territory of the Arvandan Oil and Gas Production Company, and 18 in the territory of the Offshore Oil Company. Additionally, the South Oil Zones National Company of Iran operates five gas fields, the Central Oil Zones Company operates 13, the Pars Oil and Gas Company operates one, and the Offshore Oil Company operates three.
Iran's total hydrocarbon reserves are 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
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