Iran needs US$11bil to develop oil fields

TEHRAN: Iran says it needs billions of dollars in investments to boost production from oil fields it shares with Iraq along its southwestern border.

“We need around US$11bil (RM45bil) in investment to develop the second phase of the North Azadegan and Yadavaran oil fields, as well as the South Azadegan and Yaran,” Mohsen Khojastehmehr, appointed in September as the new head of the National Iranian Oil Co, said in a statement on the company’s website.