Speaking to Radio Eqtesad during a special program dubbed “Surge in Production”, the minister said the highest participation of people in the oil industry has been registered in the petrochemical sector, adding more than 50 million people are shareholders in petrochemical companies, where products in a wide range of grades are produced.

In mid-March, upstream contracts worth $33 billion were signed to develop oil fields and boost pressure in the South Pars gas field by applying domestic contractors’ expertise, said Owji, assuring that the projects will play a crucial role in boosting output.

The Oil Ministry under the 13th administration has relied on domestic capacities and has not waited for foreigners, he underlined and added the projects valued at $13 billion were inked with Iranian manufacturers and contractors on March 18 to develop six oil fields, including the two fields shared with Iraq.

He expressed hope that the launch of the upstream and downstream projects of the oil industry will help increase production and economic growth as emphasized by the Leader during his New Year message.

On Wednesday, Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei, in his  New Year address, designated 1403 solar year (starting March 20, 2024) as the year of ‘Surge in Production Through People’s Participation’.

The Leader urged mobilization of all resources and collective efforts by the entire nation to bolster economic growth.