Talking to SHANA on the sidelines of his meeting with senior officials of the Ministry of Petroleum, Javad Owji added, “In spite of difficult conditions caused by the sanctions and other problems including supply of financial supply or supply of some sensitive and sophisticated equipment, the Ministry of Petroleum has incessantly invested in this strategic industry.”

The petrochemical industry has the lion’s share in the almost-completed projects as 20 out of 64 small and big projects belong to this sector, explained the minister, adding the National Iranian Oil Company (NIOC) stands top in terms of the number of projects whose executive operations will start in the current year.

When it comes to the value of the projects, NIOC and the National Iranian Oil Refining and Distribution Company (NIORDC) rank first second in terms of investment in old and new projects respectively, he mentioned.

Oil industry role in economic growth

The oil sector witnessed a 15.4 percent economic growth in autumn 2022, considerably increasing the country’s economic growth, boasted Owji.

As investment in oil projects helps the national economy, lack of investment in this sector slows the economic growth and causes major challenges, noted the minister, calling for responsible organizations to facilitate and take large steps toward investment in the oil industry.