(MENAFN) The National Iranian Oil Company (NIOC) has taken significant steps to bolster the country's natural gas output by signing memorandums of understanding (MOUs) worth USD6.4 billion with local companies. These agreements, inked during a ceremony on Tuesday, entail collaboration between domestic petrochemical holdings and exploration and production firms to conduct development studies on 16 gas reserves spread across Iran, as reported by Shana.
The signing ceremony, attended by senior officials including Oil Minister Javad Oji, NIOC Head Mohsen Khojasteh-Mehr, and the Head of National Petrochemical Company (NPC) Morteza Shahmirzaei, marks a crucial milestone in Iran's efforts to enhance its gas production capacity.
Upon the implementation of these development projects, Iran's gas output is projected to increase by approximately 127 million cubic meters. This surge in production capacity carries significant implications, particularly in addressing gas imbalances during the cold season, ensuring a stable supply for petrochemical complexes, and bolstering Iran's gas exports.
Moreover, the completion of these projects is anticipated to generate approximately 25,000 direct and indirect job opportunities, with a particular focus on the provinces and cities where the projects are slated to be implemented. This represents a significant socio-economic impact, contributing to employment growth and regional development.
Furthermore, a portion of the gas output from these projects will serve as feedstock for the petrochemical complexes involved in their execution, fostering synergies between Iran's energy and petrochemical sectors and enhancing value chain integration.
Overall, these MOUs signify a concerted effort by Iran to harness its natural gas resources effectively, capitalize on domestic expertise and capabilities, and drive economic growth and development across various sectors.
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