Chinese companies have announced readiness to invest in 20 petrochemical plans in Iran, Fars news agency quoted Iranian Oil Minister Rostam Qasemi as saying, without giving any further details.

He added that credits of the National Development Fund, which is around $30 billion at present, could greatly help accelerate inauguration of underway petrochemical projects.

At least 20 percent of the fund's credits will be allocated to promoting foreign investment, according to Iran's Finance and Economic Affairs Minister Shamseddin Hosseini.

According to the Fifth Development Plan (2010-2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation.

Iran transfers 20 percent of oil revenues to National Development Fund.

With around 900 billion cubic meters increase in the past two years, Iran in-situ natural gas reserves has surged to 34 trillion cubic meters, an official with Iran's Oil Ministry said in November 2011.

Mohsen Khojaste-Mehr told Mehr news agency that the country's gas production by 250 million cubic meters per day to reach 1.4 billion cubic meters per day.

Oil minister Qasemi has announced the country's recoverable oil reserves stands at 154.8 billion barrels.

Shana news agency quoted Qasemi as saying that the new explorations have increased the amount from the previous figure of 151 billion barrels.

Iran sits on the world's second largest natural gas reserves after Russia.  

After France and Britain, the Iranian Oil Ministry may also decide to halt oil exports to Belgium, the Czech Republic, and the Netherlands, Mehr news agency reported on Monday.

The Iranian Oil Ministry has given ultimatums to certain European countries including Italy, Portugal, the Netherlands, Germany, Greece, Spain, Belgium, and the Czech Republic, setting new conditions for buying the Iranian oil.

Iran's main conditions are that contracts for buying oil should be 3-5 years and that payments should be made on time.