Oil Sector Growth Hit 20 Percent Last Year, Minister of Petroleum

SHANA (Tehran) - Iranian minister of petroleum, Javad Owji, says oil and gas sectors could achieve 20 percent growth the last Iranian calendar year of 1402 by relying on domestic knowledge-based companies’ capabilities.

Speaking with reporters on the sidelines of a cabinet meeting, he said that the 13th administration has decided to rely on domestic capabilities without eying foreigners to develop its oil sector.

“We have more than 300 projects on the agenda, some of them semi-finished, worth more than 120 billion dollars”, the minister said, adding some of those projects have become operational, resulting in 60 percent growth in oil production, rising natural gas production capacity by 50 million cubic meters per day and petrochemical and oil products by 10 million tons.  

Elsewhere in his remarks, he said: “last year we signed a number of contracts for implementation of some large projects. These projects will be carried out by relying on domestic companies’ capabilities that we can see their active presence at the 28th oil exhibition, which got underway today in Tehran."

Owji also noted that under the 7th development plan provisions, the petroleum ministry is determined to raise daily oil production to 5.5 million barrels per day and natural gas production to more than 1.250 million cubic meters per day, all these will be done by relying on Iranian companies and domestic manufacturers capabilities.

According to him, while just 150 knowledge-based companies were active in oil industry at the beginning of taking office by the 13th administration, now 676 knowledge-based companies are involved in oil industry activities with more than one thousand contracts, worth one billion dollars.

Iranian minister of petroleum also convened the 28th Iran International Oil, Gas, Refining and Petrochemical Exhibition, known as Iran’s Oil Show 2024 today.

 The exhibition is underway from May 8 to May 11 at Tehran International Permanent Fairground. The National Iranian Oil Company (NIOC), with the Petroleum Ministry’s support, is in charge of holding the event which normally takes place every year in May.

1750 oil industry related companies, including 250 foreign companies, have participated at this year’s exhibition from 12 countries including Russia, China, Germany, France, Japan, Belarus, India, Canada, Italy, Turkey, Austria and Argentina.

News ID 641082


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