Minister Says Iran Will Set New Oil Exports Record This Year

(MENAFN- Trend News Agency) The Oil Minister Javad Owji said that Iran will set a new record in oil exports in the new Iranian calendar year 1402 which started on Tuesday, trend reports citing mehr .

Speaking to national Iranian radio Radio Eghtesad (Economy), the minister added that 83 million more oil barrels were exported in 1401 (March 21, 2022-2023), when compared to the preceding Iranian year, and nearly 190 more barrels were sold in comparison with the year of 1399 (March 20, 2020-2021.)

The Ministry of Petroleum is among those departments that meet the country's need for foreign currency reserves, said Owji, continuing,“Despite the tightened oppressive sanctions against Iran, crude oil, gas condensate, and petrochemical exports have hit new highs during the13th [Raeisi] administration.”

Turning to the objectives outlined in the country's budget plan, he said the major part was done by the ministry last year and its obligations were fully accomplished in 1400.

The minister described the industry's production as“desirable”, recalling that Phase 2 of Abadan Refinery with a daily processing capacity of 210,000 barrels of oil was put into operation on the last day of the previous year, and also the refinery of South Pars Gas Field Phase 14 with a daily refining capacity of 50 million cubic meters came on stream.

Owji added the ministry has outlined plans to boost oil, gas, and petrochemical output, expressing hope that some projects will become operational this year and some next year.


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