The Iranian oil industry needs about $200 billion in investments, Iranian Petroleum Minister Bijan Zangeneh said Tuesday.

“To develop the joint fields and enhance recovery of oil reservoirs as well as secure development targets, we need investment totaling 200 billion dollars,” Zangeneh was quoted as saying by Iran’s oil ministry news agency Shana.

According to Zangeneh, the upstream sector requires $130 billion in investments, while $70 billion needs to be injected into processing facilities and oil refineries.

“We have to think to provide it through foreign resources and be after acquiring of technology,” the petroleum minister said, adding that Iran’s domestic resources are not sufficient enough to develop the country’s oil industry.

On January 16, the International Atomic Energy Agency verified Tehran’s compliance with a nuclear agreement reached in July 2015, opening the way for Iran’s return to the global energy market.