Regime fears lack of investment in oil sector

Iran’s state-run oil and gas sector is reeling from official corruption, as a pro-regime lawmaker has noted, and from a lack of foreign investment.

Attending an oil and gas fair in Tehran, Oil Minister Massoud Mirkazemi lamented, “If no investment is made in Iran’s oil and gas industry, considering that our reservoirs are in the second half of their lives, then there would definitely be concerns for the continuing production and export of Iran’s crude.”

Added to that problem is the parliamentary investigation of the disappearance of $11 billion in state oil revenues over the past year.

Many of Iran’s energy companies are owned by, or send revenue to, the Revolutionary Guards (IRGC).

Despite Mirkazemi’s complaint, US and international oil sanctions are pretty much a joke, according to critics, because the Islamic Republic of Iran continues to pump huge amounts of oil. Newsmax reports today that the record number of foreign companies attending the 16th annual oil fair in Tehran – some 460 in all – proves that the sanctions are toothless.

Germany and the People’s Republic of China are the worst offenders. According to the Press TV propaganda agency, German companies have 64 pavilions at the fair, and PRC companies have 166.

Some companies that pledged to abandon their Iran operations last year are now are exhibiting in the Tehran oil fair. Press TV reports that the French oil giant Total has a pavilion at the fair this week, accompanying its article with a photo of the Total pavilion.

But if Canada, the US and other leaders continue to press for complete sanctions on Iran’s oil sector, they can make the oil minister’s fears come true.

Source: http://iranchannel.org/archives/1331