Iran Needs $40 Billion to Develop Oil Fields, Newspaper Says

Iran needs about $40 billion in this Iranian calendar year to speed up the development of oil and gas fields it shares with neighboring countries, Oil Minister Rostam Qasemi said, according to the state-run Iran newspaper reported.

Iran will issue a “great volume of various bonds” in the current year to help finance the projects, Qasemi was quoted as saying in the report published in the Tehran-based daily yesterday. The new Iranian year started on March 21st.

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.