TEHRAN, Jan. 19 (UPI) -- Foreign companies have proposed roughly $20 billion in investments in the Iranian oil and gas sector, the Iranian oil minister said.
Iran holds some of the largest oil and gas deposits in the world. U.S.-backed economic sanctions meant to discourage foreign investors from doing business in Iran, however, have scared many investors away.
Tehran in November said it needed $40 billion to help develop the South Pars gas field, the largest gas complex in the world.
In December, meanwhile, energy officials said they needed to bring in $85 billion to keep natural resource exports at their current levels for the next 10 years.
Masoud Mir Kazemi, the Iranian energy minister, said foreign investors have come forward with around $20 billion for the Iranian energy sector, Iran's Press TV reports.
"Foreign investment in the oil and gas sector could surpass that level, should we agree with interested companies," he said.
