Iran's oil minister called for more investment in the oil and natural gas sectors during talks with a Spanish government official, Iran's state news agency IRNA reported.
Gholam Hossein Nozari spoke on the sidelines of the 19th World Petroleum Congress in Madrid during a meeting with Miguel Sebastian, Spain's Minister of Industry, Tourism and Commerce, IRNA said.
Nozari said the world will be faced with extraordinary oil and gas prices in the near future if adequate investments are not made in the exploration and exploitation of oil and natural gas, particularly in those regions that are rich in energy resources, according to IRNA.
The Iranian oil minister also said Tehran is ready to boost cooperation with Spain in the energy field, IRNA reported.
Sebastian, for his part, said Madrid was determined to expand cooperation with, particularly in the field of energy, and added that cooperation between Iran and Spain is necessary to meet Europe's energy demands, reported IRNA.
The Spanish minister also referred to activities undertaken by Spain's Repsol (REP) and Union Fenosa (UNF.MC) companies in Iran, and called for increased cooperation between Spanish companies and their Iranian counterparts, according to IRNA.