Parliament requires Oil Ministry to boost strategic reserves

EghtesadOnline: Lawmakers in the Iranian parliament (Majlis) urged the Ministry of Petroleum on Wednesday to increase the country’s strategic reserves of oil and natural gas as a leverage in the global oil and gas markets.

News ID: ۷۴۰۱۱۱

01 March 2017

According to IRNA, Majlis lawmakers during today’s open session added an amendment to article 143 of the government's Sixth Five-Year Development Plan to require the Ministry of Petroleum to increase Iran’s oil and natural gas strategic reserves until one year into the implementation of the development plan.

The amendment also requires the Ministry of Petroleum to prepare the way for engagement of the private sector, cooperatives and non-governmental public bodies in financing exploration and production projects of the oil and natural gas fields, especially the joint ones, based on the general policies set by principle 44 of the Constitution.