Iran's new admin signs $16.5b of new oil deals: Minister

Iran’s Minister of Petroleum Javad Owji said that the country has signed $16.5b of new deals in oil industry, which is worth several times the deal with reneging Total.

Due to the sanctions, Owji did not refer to the names of domestic and foreign companies with which Iran has signed agreements in the past seven months, IRNA reported on Wednesday.

Speaking to IRNA, the minister said that the value of over 55 deals signed since the beginning of the new Iranian government in August 2021 has been 16.5 billion dollars.

An agreement between Iran and France’s Total on development of 11th phase of South Pars gas field in south of Iran was reached in 2017 but was not implemented due to the unfulfilled promise of the French company.

Also about other measures taken by the Ministry of Petroleum during the seven months, Owji said the start of swap of natural gas from Turkmenistan to Azerbaijan was among those important measures.

Further, the minister hailed the measure to start swap of gas from Turkmenistan to Azerbaijan, which helped stabilize gas network in northeast of Iran letting the country pass cold weather in winter safely.

Turning to the issue of export, Owji said the volume of exports of gas condensate has increased two to three times.

According to the schedule, capacity of petrochemical products will reach 140 million tons by the end of the tenure of the new Iranian government and the figure will show 50 percent growth, he said.

In the end, Owji said that Ministry of Petroleum will start a project to launch a petro-refinery unit with the capacity of 300,000 barrels a day in this spring.

News Code 193625

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