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Iran seeks global investors for $200bn worth of projects

Flare, Light, Factory Reuters/Alexander Manzyuk
India aims to source 50 million metric standard cubic metres per day of gas currently flared by Iraq

Iran is undertaking projects worth $200 billion and seeking the participation of global investors, Ahmad Asadzadeh, Iran’s deputy minister for international affairs, said at the India Energy Week conference on Wednesday.

He said many of the projects were related to climate change issues, such as gas flaring, as well as improving oil recovery and security of supplies.

Most of Iran’s oil exports are destined for Chinese markets, he added.

Opec member Iran is struggling to sell oil and build infrastructure because of Western sanctions against Tehran for its disputed nuclear programme.

Asadzadeh said Western pressures and constraints were preventing Iran from helping the world and there was a need to depoliticise oil markets to ensure stable supplies.

“If Western countries increaser pressure and constraints we cannot help anybody and produce more for helping the world,” Asadzadeh told reporters at the conference in Bengaluru.