Tehran (IP)- Iranian Minister of Petroleum said that the US maximum pressure against Iran had failed.

Iran PressIran news: In an interview with IRIB, Javad Owji pointed to the gas swap agreement with Turkmenistan and stated that the gas swap from Turkmenistan to the Republic of Azerbaijan, gas supply was stable in the northern provinces, especially Golestan province.

$20 billion Chinese investment in Iran oil industry

"We have changed contracts and diversified them to attract and encourage investors," Owji said. "In the next eight years, we will allocate $15 billion to $20 billion in oil and gas resources to develop the fields, and about the same amount will be invested by Chinese investors in a 25-year agreement, with banks and holdings contributing to the fields' profits. We will try to have similar contract with the Russians, like the Chinese."

He stressed: "Today, our most important priority in the oil and gas industry is investment, and if it is not done, we may be importers of these products in the coming years."

Signing MOU with Russia

The Minister of Petroleum touched on his recent trip to Russia, saying, "We have had a good roadmap with Russia in this field in the past, and I, as the head of the Russian Economic Commission, and the Minister of Energy of Russia have a comprehensive roadmap in the field of oil and gas industry in all upstream and downstream sectors."

Owji added: "We also discussed domestic production and a very good understanding was reached with the Russian side, which, God willing, we will present to the dear nation in due time."

He continued: "Regarding field development, events happened very well and we had a memorandum of understanding with a capable Russian company in the discussion of technology transfer."

Referring to rising gas prices in Europe, Owji said: "After the OPEC+ ministerial meeting, I said that it is an excellent opportunity if the oppressive sanctions on the oil and gas industry are lifted. It helps the world see that Iran's arrival to supply energy and sanctions will significantly help those countries.

In response to the question of whether the price of oil will reach $100 per barrel, he said: "Forecasts are moving forward and in the same direction." 


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