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$6.5b Oil Investment under Way by Tapping Domestic Resources: Zangeneh

(Thursday, March 07, 2019) 17:35

Iranian Minister of Petroleum Bijan Zangeneh said the country was planning to invest 6.5 billion dollars in petroleum projects by resorting to domestic resources.


Addressing a ceremony to break the grounds for construction of a petrochemical project in the southwestern city of Andimeshk, the official said, “We endure pressure to prevent any harm to the Iranian Nation.”


He said a total of 100 million cubic meters of natural gas had been added to the country’s gas production capacity this calendar year which began on March 21.


The official also touched on the petrochemical industry in the country, adding the sector was preparing for a major development despite the draconian sanctions on Iran by the US.


Currently, 30 million tons of petrochemicals valued at $20 billion dollars are being produced in Iran which can cross 45 million tons by the next two years provided that the ongoing projects come online in the sector, the official said.


He said production of crude oil at the oilfields in West Karoon region stood at 72,000 b/d back in 2013 which is now 300,000 b/d and would soon reach 350,000 b/d.


Furthermore, Zangeneh added, production of oil at Azar Oilfield would reach 60,000 b/d from currently 30,000 b/d.


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