Mohammadreza Aref, speaking at a meeting on the executive plan for the pressure boost project of the shared South Pars gas field on Saturday, praised the coordination between the Ministry of Oil and the National Development Fund (NDF) to establish a financial framework for the project.

He stated that the exploitation and development of shared oil and gas fields are among the key priorities and strategies of the 14th administration.

Aref noted that the project would bring hope to the oil industry and society, significantly contribute to the growth of the gross domestic product, and create employment opportunities.

Aref stressed the importance of expediting the implementation of this major project to enhance extraction and revenue generation, underscoring the need for continued coordination and collaboration between the Ministry of Oil and the NDF.

Following the first vice president’s directive, the NDF was instructed to provide all necessary support for investment or financing of the project, with the government committed to removing any executive obstacles.

Oil Minister Mohsen Paknejad highlighted the constructive cooperation between the Ministry of Oil and the NDF in securing financial agreements for the national project.

He noted that productive meetings and negotiations had taken place, resulting in final agreements to finance six out of seven hubs in the South Pars gas field pressure boost project.

Paknejad added that the project would not only increase natural gas and gas condensate production capacity but also significantly boost petrochemical companies' revenues.

During the meeting, a report was presented on the financial framework for the executive plan of the South Pars gas field pressure boost project and the agreements reached between the NDF and the Ministry of Oil.