(MENAFN) Iran's Oil Minister, Rostam Qasemi, stated that during the current Iranian calendar year, which started March 20, the ministry will invest USD50 billion to develop joint oil fields, reported Tehran Times.
Qasemi added that since the start of the current year, the ministry inked 12 new agreements with international contractors to develop these fields.
He added that the fields are shared with Saudi, Oman, Iraq, the UAE, Kuwait and Qatar.
It is worth noting that during the last Iranian calendar year, USD27 billion were invested in the development of joint oil fields.
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