Deputy Petroleum Minister for International Affairs and Commerce Amir-Hossein Zamani-Nia said Iran is determined to develop its oil and gas industry because the country’s production is not proportionate with its hydrocarbon reservoirs. “Iran’s oil industry needs investment, technology and management transfer in the industry’s various sectors in the post-sanctions era,” he told joint meeting of Iranian and Italian companies here on Wednesday. He referred to Iran’s significant role in the region and added, “Iran is part of the solution of the regional problems.” “Iran has political, security, and democracy stability and as a player in the international arena, is trying to restore stability to the region.” “Considering Iran’s political and security stability, it is an apt destination for foreign investors,” he added. “Iran needs hundreds of billion dollars of investment in various oil industry sectors,” Zamani-Nia added, “We hope that Italy can provide for part of the capital and invest in Iran.” The deputy minister introduced IOR and EOR as Iran’s investment priorities and said European companies are qualified in assisting Iran in enhanced recovery and energy consumption optimization. He said Iran and Italy have a cooperation background in Darkhowein and Balal oil fields and hoped that they can revitalize their ties. Zamani-Nia also told Italian business and corporate people in the meeting that Iran has plans to increase gas production to more than 1 billion cubic meters a day and said, “Iran hopes to export LNG to Europe in the long-term.”