Oil Ministry subsidiaries secure major oil, gas contracts in 1403

SHANA (Tehran) – Subsidiaries of Iran’s Oil Ministry achieved outstanding performance in 1403 by signing significant contracts in large and medium-scale transactions, marking a major step in developing the country’s hydrocarbon industry.

According to data released by the National Contract Database, the Oil Ministry signed 16 medium-scale and seven large-scale contracts in 1403. In total, subsidiaries of the ministry registered 8,324 medium-scale and 4,180 large-scale contracts, reflecting extensive activity in the sector. 

The National Iranian Oil Company (NIOC) led the sector with 4,213 medium-scale and 1,273 large-scale contracts, playing a central role in crude oil exploration, production, and exports.

Meanwhile, the National Iranian Gas Company (NIGC) strengthened the country’s gas infrastructure, securing 3,323 medium-scale and 2,048 large-scale contracts to solidify its position in sustainable energy supply. 

The National Iranian Oil Refining and Distribution Company (NIORDC) contributed to improving the supply and distribution chain of petroleum products, registering 704 medium-scale and 807 large-scale contracts while enhancing refining capacity. Additionally, the National Petrochemical Company (NPC) took significant steps in petrochemical industry development, signing 68 medium-scale and 45 large-scale contracts to boost the value-added of hydrocarbon products. 

The Oil Ministry stated that these contracts aim to optimize production, reduce reliance on foreign resources, and strengthen the national economy.

Experts believe this performance demonstrates the high capability of domestic companies in managing large and medium-scale projects, setting the foundation for further growth in Iran’s oil and gas industry in the coming years. 

News ID 656170

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