Addressing
the parliament, Zangeneh said production of petrol had increased from 52
ml/d in 2013 to currently 95 ml/d which showed an unprecedented growth in the
item’s production capacity.
He said Iran
no longer imported the fuel and no amounts were allocated to petrol imports in
the national budget bill for the next fiscal year.
**Recovery
Rate
The official
further said that the recovery rate of oil reserves stood at an average of 29
percent in Iran which could not be increased due to lack of access to
state-of-the-art technologies in oil industry.
Each percent
of increase in recovery rate would generate $500 billion in revenue for the
country, he argued, adding Iran could expect to recover 154 billion oil barrels
at the current recovery rate which could increase by tapping new technologies.
The official
further added that a number of deals had been signed with domestic universities
for carrying out studies on upstream and downstream projects.
**Strategic
Items
He also
stated that his ministry had prepared a list of 10 strategic families of items
to be produced domestically, adding the contracts for production of the lion’s
share of the items had been signed.
The official
further said that projects valued at $6 billion for production maintenance and
enhancement of oil fields had been defined in the petroleum ministry.
**Petchem
Output
He further
said that Iran’s petrochemicals production capacity stood at 20 billion dollars
from hardly a billion dollars back in 1997 when he first took office as Iranian
petroleum minister.
Zangeneh
said Iran’s petrochemicals output could reach $18 billion this calendar year,
which began on March 21.
Follow us on
Twitter @ SouthPSEEZ