Iran’s Oil Industry Attracts $4.8 bln of Foreign Investment in 11 Months

Iran’s minister of economic affairs and finance said the largest foreign investment within the framework of Foreign Direct Investment (FDI) has been made in the country’s oil industry in the 11 months of the current Iranian calendar year (started March 21, 2023).

News ID: 827854

EghtesadOnline: Ehsan Khandouzi, who is also the Iranian administration’s economic spokesman, put the value of the foreign investment made from March 21, 2023, to February 22, 2024, in the oil industry at $4.8 billion, showing a significant hike compared to the past few years.

Speaking in a news conference, the spokesman added that $55 billion worth of non-oil trade was exchanged with the 15 neighboring states in the 11 months of the current Iranian calendar year, showing a 2.5% hike compared to last year’s corresponding period.

Khandouzi went on to say that more than $11 billion of foreign investment within the framework of FDI has been approved from August 2021 when the current administration took officeto February 22, 2024, SHANA reported.

Some $3.8 billion, $580 million, $617 million and $4.8 billion of foreign investment have been attracted in the country in the industrial, agricultural, services and oil sectors respectively from March 21, 2023 to February 22, 2024, he added. / Tasnim