Iran’s oil minister announces completion of oil industry projects worth usd4.6b

(MENAFN) Iranian Oil Minister Javad Oji recently disclosed that 32 oil industry projects, representing a collective investment of USD4.6 billion, have reached completion and are set to become operational in the near future, as reported by an Iranian news agency. In addition to these completed projects, Oji highlighted the successful execution of 132 semi-finished projects over the past 33 months, involving a total investment of USD28.5 billion, which have been brought into operation.

Furthermore, Oji emphasized the commencement of 50 new projects with a combined investment exceeding USD50 billion, aimed at bolstering the oil industry's value chain. Earlier statements by Oji indicated a significant surge in Iran's oil production, with a remarkable 60 percent increase observed since the current government assumed office in August 2021. These developments were highlighted during the inauguration ceremony of the 28th International Oil, Gas, Refining, and Petrochemical Exhibition, popularly known as Iran’s Oil Show 2024.

Reflecting on the achievements of the past Iranian calendar year 1402 (March 21, 2023, to March 19, 2024), Oji expressed optimism about the country's future production prospects, anticipating further growth in the current year. Notably, Iran experienced a notable 20 percent increase in oil and gas production during the aforementioned period, signaling positive momentum within the industry.

Oji underscored the significant investments made in both upstream and downstream sectors during the preceding year, culminating in the successful completion of semi-finished projects valued at USD28 billion. Additionally, he reiterated the impressive growth witnessed in oil-related products and petrochemicals, highlighting the diverse range of achievements within Iran's energy sector. Oji outlined strategic plans aimed at sustaining production growth in the current Iranian calendar year 1403, which commenced on March 21.



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