The minister, who delivered a speech during a ceremony to sign contracts on development of six oil fields, added “we found new markets and exported oil”.

“Although the country’s oil industry experienced a year full of ups and downs, there was no interruption to exports,” underlined the top official.

The industry registered desirable records in oil production and exports as good investments were also made, said Owji, adding investments play a key role in economic growth.

Almost 130 projects completed

About 130 partly-finished projects valued at $28.5 billion were completed, said the oil minister, adding 50 new projects, which are aimed at boosting production and creating added value in the upstream and downstream sectors, have already started.

Five petchem projects ready for inauguration

Owji pointed to the launch of Phase 2 of Abadan Refinery with a daily production capacity of 210,000 barrels, which has increased the gasoline production processing capacity to 115 million liters from 97 million liters at the beginning of the 13th administration’s term (August 2021).

Five petrochemical projects are now ready for inauguration, said the oil minister, explaining the projects will add eight million tons to the country’s production capacity.

Gas supply to Sistan and Baluchestan revolutionized

The 13th administration has brought a revolution in gas supply to the southeastern province of Sistan and Baluchestan, which has been an unprecedented development, said Owji.

According to him, some 6,400 villages, 50 cities, industries, and power plants have been connected to the national gas grid and gas transmission pipelines with a total length of 1,000 kilometers have been laid.

400,000 bpd increase in oil output

Owji referred to the contracts valued at $20 billion and signed last week to implement a national project for boosting pressure in the South Pars gas field and said the six contracts signed today are aimed at adding 400,000 barrels of oil to the country’s daily production, which will fetch the country $15 billion per year.

He vowed that the Oil Ministry will keep increasing the petroleum sector’s economic growth in the coming Iranian calendar year by implementing upstream and downstream projects.

No wait for foreigners

The Oil Ministry under the 13th administration has not waited for foreign investors and contractors, emphasized Owji.

Iran’s oil industry has made great success in supplying products and equipment, mentioned the minister, adding imports of more than 160 products have been banned and the industry has relied on domestic production.

The Oil Ministry stood top in first-time production in the past two years, he said and added the ministry also ranked first in attracting foreign investment.

Knowledge-based companies’ cooperation

More than 660 knowledge-based companies are now cooperating with the Oil Ministry, said Owji.

“We believe in interaction with domestic companies,” stressed the minister, concluding the executive operations of the national pressure-boosting plan in the South Pars joint field will be carried out by Iranian contractors.