Developing energy infrastructure with private sector participation; Iran on the path to attracting capital and regional competition

According to Energy Press, Mohammad Halvaei stated today (Tuesday, August 18) at a meeting to review the EPC (Engineering, Procurement and Implementation) equivalent documents, noting that the first part of the annexes to this agreement will soon be submitted to the Planning and Budget Organization for review through the Iranian Chamber of Commerce, that this measure could be a turning point in improving the contractual frameworks of the construction industry and its direct effects will be visible in the country’s industrial and energy projects.
Stating that, based on expert studies, in the next 10 years, the world will face a daily shortage of 20 to 22 million barrels of oil, he added: China has increased its daily consumption by 6 million barrels in the past decade and continues to grow by one million barrels annually. Also, India, with a population of over one billion people, is on the path of rapid growth in energy consumption.
The world’s main untouched oil reserves are in the hands of Iran and Venezuela
The chairman of the board of directors of the OPEC Association stated: In such circumstances, choosing the right policies in the development of oil and gas fields, as well as adopting the right strategy in international relations, can put Iran on the path of rapid economic and social growth. Hence, our serious proposal is to streamline the IPC contracts in order to provide the basis for attracting foreign and domestic investment.
Halvaei said: Due to the type of domestic consumption, Iran consumes a large part of its gas production. If proper management is applied to the consumption pattern and optimization of processes, the country can become one of the main policymakers of gas prices in the world within a period of 10 years.
Emphasizing Iran’s special position in the global oil market, he stated: Iran, Iraq and Venezuela have the world’s main untouched oil reserves. Iraq is increasing production at a high speed and is bringing a new well into production almost daily. We must not fall behind in this competition, and an effective presence requires the government to partner with the private sector and grant more authority to develop the fields.