A member of the Iranian parliament says Iran will need at least 130 billion dollars in fresh investment by foreign financiers by 2021 if it is to enhance its oil recovery.

Speaking to Shana, Mohammad Khaledi, who heads the parliaments nuclear and renewable energy committee and is a member of the assemblys energy committee, said Iran eyes to lure enough foreign investment in its upstream oil sector so that it can enhance recovery of oil from its reserves.

He said the 6th five-year development plan (2016-2021) has set a goal of absorbing 130 billion dollars in new investments in the upstream oil sector by 2021.

He further quoted Iranian Minister of Petroleum Bijan Zangeneh as saying that Iran would need at least 200 billion dollars of investment in its upstream and downstream sectors under the development plan.