Rouhani: We Need Foreign Investment for Oil Field Development

Hassan Rouhani, the President of the Islamic Republic of Iran, on Sunday during his visit to Khuzestan province, attended the inauguration of the "Southern Railway Traffic Control Center (CTC) in Ahvaz". He emphasized that foreign investment is necessary for the advancement of the oil industry. At the inauguration ceremony, Rouhani stated that this project monitors all trains and railway routes from Tehran to Ahvaz, which not only reduces travel time between Tehran and Ahvaz but also increases the safety of rail traffic. The Iranian President also referred to other projects such as the double-tracking of the Ahvaz-Imam Khomeini Port railway and the Ahvaz-Andimeshk railway, one of which has been completed and the other will be executed soon, saying: "These projects will ultimately reduce pollution and traffic in Ahvaz as well." During the inauguration of the oil development projects in West Karun, including North and South Azadegan, Yadavaran, and North Yaran, he mentioned that the oil production capacity in these fields will reach three hundred thousand barrels per day with the implementation of these plans, and this shared area with Iraq has the potential to produce up to one million barrels of oil per day. The Iranian President, while referring to the nuclear agreement and the JCPOA, stated that the JCPOA means a new space and breathing room that should be utilized. Rouhani, in a jab at opponents of the nuclear agreement, said that under the JCPOA, "the oil industry did things in a few months that astonished the world." He noted that while some claim that Iran can accomplish many tasks independently, which is true, the country needs technology and eighteen billion dollars in investment for future projects in these fields. Rouhani stated that merely exploiting and depleting oil wells is not correct; rather, it is important to maintain the youth of the oil wells and utilize them in the long term, which requires modern technology. According to Rouhani, Iran must take advantage of the current atmosphere to attract investment and technology, as creating jobs for millions of unemployed individuals is only possible through investment and the use of advanced technology. According to IRNA, Hassan Rouhani said on Sunday at Ahvaz airport in the presence of managers and officials of Khuzestan that this is his second visit to Khuzestan, and he is looking to review the executed projects and the extent of realization of the plans from his first visit to the province.