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

Aug. 7 (Bloomberg) -- 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.

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