News ID: 303228
Published: 0410 GMT May 20, 2021

Investments in oil industry to double without sanctions: Oil minister

Investments in oil industry to double without sanctions: Oil minister

Iran’s Oil Minister Bijan Namdar Zanganeh said on Thursday that if it were not for the US sanctions, Iran could use foreign financial sources to double investment in oil industry.

Zanganeh made the remarks during the 68th edition of the weekly national projects inauguration which was related to oil industry projects, IRNA reported.

He mentioned three projects that were inaugurated by Iran’s President Hassan Rouhani earlier in the day during the ceremony, which was held through a videoconference, singling out the urea and ammonium production plant built in Masjed Soleiman region, in Khuzestan Province southwest of Iran.

“I’m pleased that a plan with the capacity to produce 1.76 million tons of ammonium annually has been erected in this region,” said the minister.

Masjed Soleiman was home to first ever oil explorations in Iran in early 20th century and the first oil will, defunct, was drilled there. The region is known for its history mingled with oil industry.

Zanganeh added that the oil ministry has been authorized to develop oil refining projects in Masjed Soleiman based on Associated Petroleum Gas (PAG) to improve investments in that region.

APG is a form of natural gas which is found with deposits of petroleum, either dissolved in the oil or as a free "gas cap" above the oil in the reservoir.

Zanganeh also pointed to the other major projects underway in Asalouyeh region in Bushehr Province which would produce 1.65 million tons of methanol on a yearly basis and said the methanol produced in this plant would be pumped to propylene production chain in the country.

Three projects were launched today at the order of President Rouhani. The projects were part of the so-called ‘second surge’ program from which, Zanganeh said, ten projects were yet to be inaugurated.

He further explained that Iran’s petrochemical production would reach 100 million tons each year after launching the remaining projects by the end of 2021. 

Resource: IRNA
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