News ID: 269356
Published: 0251 GMT May 21, 2020

Iran's oil development will not stop in face of sanctions: Minister

Iran's oil development will not stop in face of sanctions: Minister

Referring to the start of the installation of the first platform of Phase 11 of South Pars, Iran's Oil MinisterBijan Namdar Zangeneh said, "Although this project is not a big project compared to other oil projects, it shows that the development of Iran's oil industry will not stop in the face of sanctions.”

At the inauguration ceremony of the first platform of Phase 11 of South Pars, which was held on Thursday in the presence of the President Hassan Rouhani via video conferencing, Zangeneh said the huge oil field of South Pars is a divine gift for the nation," Iran Press reported.

Emphasizing that 10 phases of the field were completed by 2013 and Iran had 17 semi-finished phases, he continued, "Except for one refinery, we have put all 14 phases into operation and all maritime activities will be completed this year.”

He also said that the goal of the $ 4 billion project was to increase extraction of 56 million cubic meters of gas per day from Phase 11, which will be done by two oil platforms and sent to refineries.

"Next year, production from this phase will reach 500 million cubic feet per day."

He pointed to the second leap in petrochemicals production and the annual capacity of 100 million tons of petrochemical products, adding, "Petrochemicals are active and new projects are on the agenda."

 

   
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