Tehran, PIN, 22/04/2010

The 15th international oil show was inaugurated officially here on Thursday in the presence of Iran's first vice president Mohammad Reza Rahimiand and the petroleum minister, Seyed Masoud Mirkazemi.

907 Iranian companies and 435 companies from 31 foreign countries are present in the event that started its work at Tehran International Fair Ground today morning.

In addition to the first  vice president and the petroleum minister, a number of foreign countries ambassadors, members of parliament, oil industry and international oil companies managers were present in the inauguration ceremony.

Energy prices unfair
Dr. Mirkazemi, the Iranian petroleum minister said in his inauguration ceremony speech that global energy prices are not fair stressing the current strategy of the ministry of petroleum is to develop shared gas fields and injecting gas to oil fields.
   
He said recoverable oil reserves of the country amounts to 138 billion barrels remarking that Iran is sitting atop 29 trillion cubic meters of gas reserves, second largest in the world.

Elsewhere in his speech, the petroleum minister said despite some international restrictions against Iran's oil and gas sector' the country's experts and companies relying on their faith, have been able to achieve remarkable progress in the field.

According to the petroleum minister, sanctions against the Islamic Republic of Iran not only have not restricted the country but also have caused self sufficiency and today Iranian companies have especial capabilities to offer including exporting products, engineering and technical services, exploration, drilling and refineries development.

Mirkazemi added that the ministry of petroleum intends to absorb 125 billion dollars investment in the upstream sector and 75 billion dollars in the downstream sector over the fifth five year development plan.

The exhibition holds from April 22 to 26 at Tehran Permanent International Fairground.