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EghtesadOnline: The National Iranian Oil Company has allocated 4% of the oil projects' value, including extraction and production, on implementing development plans in oil-rich regions, NIOC's managing director said.

"Social responsibility and contribution to regional development schemes are NIOC's priority since oil is the mainstay of the economy," Ali Kardor was also quoted as saying by Shana. The official put the value of current oil production plans in the ballpark of $7 billion, saying that the outlook can play a significant role in fulfilling the Oil Ministry's corporate social responsibility toward oil-rich regions, a majority of which have remained underprivileged. Despite the hurdles facing the sector, Kardor noted that his company will make efforts to meet the "reasonable expectations" of the people living in such regions, according to Financial Tribune.

 

Iran oil projects Iran Oil Company Iran Oil Projects Value Underdeveloped Regions