Delivering speech during a ceremony – marking the anniversary of Iran’s oil industry nationalization – to inaugurate the first part of the second phase of a project aimed at increasing and sustaining Abadan Refinery’s production capacity, the minister said 31 semifinished projects valued at 12 billion dollars were put into operation in the Iranian calendar year 1401, which started on March 21, 2022.

The Ministry of Petroleum and the National Iranian Oil Refining and Distribution Company have given top priority to completion of partly-finished and national projects, said Owji, adding the newly-inaugurated project was among them, which had made 64 percent progress when the incumbent administration took office and the remaining 36 percent work was done in 18 months.

More than 100 contractors participated in the project completion process, mentioned Owji, continuing that the most complicated job of Abadan Refinery Phase 2 was done in an unprecedented measure during the period, while oil exports had decreased and further sanctions had been imposed on the country when President Ebrahim Raeisi took office.

Shifting to the incumbent administration’s energy diplomacy, the minister said some $5 billion of foreign investments have been so far attracted to develop oil and gas fields.

The country has signed gas contracts with other countries, stated Owji, referring to the settlement of the issue with Turkmenistan, whose relations with Iran had been strained for five years, and adding the volume of exchanging gas between the two countries has doubled.

He also pointed to the employment of 900 elites of the Petroleum University of Technology, indigenization of technical know-how, and achievement of self-sufficiency in construction of petrochemical plants, petro-refineries, and supplementary industries.

The number of knowledge-based companies, whose expertise is used by the government, has soared to 550 from 150, added the minister.

Owji said Iran is currently producing over three million barrels of oil per day, vowing two more refineries will become operational in the new Iranian calendar year (starting March 21, 2023) to increase the country’s refining capacity.

Concluding his remarks, he said 260 million dollars have been allotted to Phase 3 of Abadan Refinery.