24 August 2020 - 19:23
  • News Code: 306451
Success of Oil Industry despite Sanctions

TEHRAN (Shana) – The Iranian Minister of Petroleum said the country made great achievements in oil and gas projects despite the sanctions.

Addressing a virtual ceremony to launch three major oil, gas and petrochemical projects on Monday, Bijan Zangeneh said the total investment in the three projects which include Iran Trunklines 9 and 6, the first phase of Bushehr Petrochemical Plant and West Karoun power plant, was 4.7 billion Euros, and said: "Despite the most severe sanctions, the oil industry has not only succeeded in operating production facilities, but has also carried out development plans in such difficult circumstances.”

He stated these projects include about 3.1 billion Euros of investment in the sixth and ninth transmission pipelines and its stations, 1.3 billion Euros for Bushehr Petrochemical Plant and 320 million Euros West Karoun Power Plant.

He said in the gas pipelines, the private sector contributed 1.4 billion Euros of the investment for the first time in the country. The pipelines will allow gas exports to Iraq.

Zangeneh said that the total amount of Iranian gas exports to Turkey and Iraq is currently 80 million cubic meters per day.

6-fold Jump in Output from West Karoun Oil Fields Cluster

The Minister of Petroleum mentioned West Karoun Power Plant as another national project of the Ministry of Petroleum to be inaugurated on Monday, and said that West Karoun Power Plant is the National Iranian Oil Company (NIOC)’s own power plant for West Karoun oil fields cluster.

We crossed 70,000 barrels per day and reached a production capacity of 400,000 barrels per day which will reach a million barrels a day once Azadegan, Yadavaran and Yaran projects become complete.”

News Code 306451

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