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TEHRAN (Shana): Iranian Petroleum minister Dr Seyed Masoud Mirkazemi says an oil industry private bank, with at least $200 million capital, will be established in the near future.
In a meeting with senior managers of investment firms, Masoud Mirkazemi said: the aim of establishing the bank is channeling more private sector funds into the oil industry projects and providing new funds to implement oil projects especially in the downstream sector.
Mirkazemi said that under the Money and Credit Council instructions, the minimum capital for setting up an oil industry bank is 200 million dollars and stipulated that a workgroup have been formed to accelerate the move.
The petroleum minister noted that by establishing the bank, investment potentials in the oil industry would triple over the fifth Five Year development Plan.
Stating that we are on the eve of reforming subsidies and implementation of fifth five-year development plan, the petroleum minister stipulated that under fifth five-year development plan, we need $200 billion dollar investment in the oil industry $125 billion out of them allocates to upstream sector.
Dr Mirkazemi said: along all the financial sources that assure providing the money, it is necessary a bank to be established by the Iranian oil industry companies to double the potentials to implement oil industry projects.
Noting that oil industry has desirable relations with domestic and foreign banks and institutions to absorb credits in order to invest in oil industry over the fifth five-year development plan, Mirkazemi pointed out that by establishing this new bank, private sector can play a role in fiscal and monetary policies.
The petroleum minister stipulated that even though the ministry of petroleum is a state owned sector, but in order to facilitate implementation of Article 44 of the constitution, which emphasizes on privatization, supports setting up the bank and will try to accelerate its registration process in the Iran's Central Bank.
He expressed hope to be witness of forming an oil industry bank with different branches across the country in the future.
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