TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh says the administration has allocated $60 billion for implementing energy saving and environmental protection projects. Environmental protection and energy saving are among the top priorities of the administration, the Shana news agency quoted Zanganeh as saying, without elaborating on the timeframe for spending the budget. He made the remarks in the inauguration ceremony of the 10th International Energy Conference, which kicked off in Tehran on Tuesday.
Supplying natural gas to villages and small cities, improving efficiency of powerhouses in residential and commercial units, expanding subway networks, and renovating bus transportation fleets are among the projects which will be carried out in this respect, he explained. Elsewhere in his remarks, Zanganeh criticized any “political” approach in the global energy market, saying it could disrupt the balance of the global energy market.
Oil prices appropriate, decline is short-lived
Zanganeh also said that current oil prices are appropriate and the recent decline in prices would be brief. “The downward crude oil price will not live long due to seasonal fluctuations,” he added. The minister also said that events in neighboring OPEC member Iraq, which is fighting ISIL insurgents, will not significantly affect the oil market.