National Iranian Oil Company to invest $2.5 billion in oil industry by March 19

National Iranian Oil Company has planned to invest $2.5 billion on oil industry by March 19, Managing Director of National Iranian Oil Company Ahmad Ghalebani said on Monday, IRNA reported.

The official noted in the meantime that his company would provide 80,000 billion rials from selling bonds.

'The bonds are to be published in the near future,' he said. The National Iranian Oil Company, a government-owned corporation under Ministry of Petroleum of Iran, is an oil and natural gas producer and distributor headquartered in Tehran.

It was established in 1948. NIOC ranks as the world's second largest oil company, after Saudi Arabia's state-owned Aramco.

Iran’s petrochemical industries have absorbed a large amount of private and public investments in the past decade.


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