Iran plans a $2.2 billion development of a field shared with Iraq to produce 50,000 barrels of oil per day, an official says, marking the first introduction of major energy projects under a new contract.

In a fast-paced and ever-changing world, no country can achieve economic development without careful planning and thinking forward. Iran has a long record in economic planning: Blueprints known as “five-year plans” that define the country’s medium-term goals.

Iran’s new development plan, unveiled by Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei on Tuesday, envisages sustainable growth of eight percent over the next five years.