Speaking in a cabinet session led by President Seyyed Ebrahim Raeisi on Sunday, Javad Owji added investment in the oil industry has considerably increased under the 13th administration.

He pointed to 182 big projects in oil, gas, petrochemical, refining, and distribution sectors, out of which 132 projects worth over $28.5 billion have become operational.

According to the minister, 15 upstream and downstream projects worth $2.2 billion have been inaugurated and 50 others valued at $47.5 billion are underway.

A memorandum of understanding (MoU) on the feasibility of producing fuel from methanol has been also inked, mentioned Owji, adding the plan’s execution will last two years.

He said a 1.2-million-barrel increase in daily oil production, a 50-million-cubic-meter rise in daily gas output, a 63-million-cubic-meter jump in daily crude gas refining capacity, a considerable increase in the collection of flare gas (equivalent to 10 mcm), and a 48,000-barrel rise in shared oil fields’ daily production are part of the inaugurated projects’ outcome.