Big oil importers eager to invest in Iran

Friday, 12 November 2004, 08:00 Hrs
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TEHRAN: An Iranian energy expert has said that the world's major oil importers have plans to reduce their oil storage capacity while increasing investments in oil-rich countries.

Pointing to the recent agreement between Iran and China on exploration of the Yadavaran oilfield, Ali Yarmohammadi said Beijing wants to secure its energy supply by inking such contracts.

"The Chinese energy demands have increased in line with the high economic growth and the oil and gas demands are estimated to grow by three percent and 5.5 percent respectively by 2030," Iran's Mehr news agency quoted him as saying.

"The Chinese experts have studied Iran's energy capabilities and concluded that Iran, with its huge energy reserves, can meet their demand in the future", Yarmohammadi stated.

As countries like Japan and China enter the Persian Gulf energy zone, Iran can feel secure working on its oil and gas projects, he noted.

The United States may soon decide to ask Japan and China to share security expenses in the Persian Gulf so that it would be able to use more regional energy resources, he said.

Source: IANS
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