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Merer says Shell will make billions-dollar investment in Iran oil sector

Tehran Times (Iran): Merer says Shell will make billions-dollar investment in Iran oil sector

“Chairman of the Shell companies in Iran, Yves Merer, said here Sunday the Anglo-Dutch oil giant would make an investment worth billions of dollars in the Islamic Republic’s industry.”

Monday 17 October 2005

Tehran Times Economic Desk

TEHRAN (MNA) – Chairman of the Shell companies in Iran, Yves Merer, said here Sunday the Anglo-Dutch oil giant would make an investment worth billions of dollars in the Islamic Republic’s industry.

Merer, who talked to Fars News Agency, added the demand for energy, including oil, would soar in the future but oil prices would keep fluctuating. He reiterated, “The Shell will inject billions of dollars into Iran’s industry if the country pays more heed to investment.

“The Shell Companies Group has allotted some 15 billion dollars for development of complicated oilfields across the world. The task is faced with two main problems – demand for skilled workforce and experts and huge investment.”

Big spending is now a serious problem facing oil giants and governments, which are to boost production or reactivate fields, he added.

“Oil extraction is not an easy and low-cost process any longer. Huge money and advanced technology are now needed to bring oil from the deep to the surface,” he said in conclusion.

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