(MENAFN) Iran will roll out the preliminary terms for contracts in a post-sanctions climate in the following month, and according to its officials; it needs at least USD250 billion in fresh investments.
Additionally, lower crude oil prices has forced most main energy companies to cut back on spending in exploration and production, which is known as the upstream side of the sector.
However, price should be no deterrent to its production objectives. "Iran has the cheapest oil produced in the world," said the deputy managing director at the National Iranian Oil Company.
Meanwhile, The International Monetary Fund stressed on the fact that Iran's economy is facing severe structural challenges, with postponed investment decisions dragging on growth.
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