TEHRAN, March 9 (UPI) -- Iran expects "considerable development" in its energy sectors once 22 contracts with foreign companies go into effect, officials said.
Hojatollah Ghanimifard, a senior Iranian energy official and deputy head of the National Iranian Oil Co., said significant steps were taken to advance plans outlined for the energy sector under a national development plan.
"With the finalization and implementation of those contracts, we will witness considerable development measures in upstream sectors," he told the semiofficial Fars News Agency.
He added there were more than 20 foreign contracts in various stages of development, though he offered few specifics.
Tehran reached a $143 million deal with Beijing, meanwhile, to drill for oil in the Iranian waters of the Persian Gulf.
Iran sits on some of the largest oil and gas deposits in the world, though crumbling infrastructure prevents it from full exploitation of its natural resources. China gets more than 15 percent of its oil from Iran.
The announcements come as Vitol, the world's largest petroleum trader, allegedly stopped selling gasoline to Iran in part because of Western pressure of Iran's controversial nuclear program.
