BAKU, Azerbaijan, July 20
By Elnur Baghishov – Trend:
Iran's oil and petrochemical exports are normal situation, Iranian Oil Minister Bijan Zanganeh told journalists after a meeting with members of the Iranian parliament's energy committee, Trend reports citing Shana news agency.
The minister stressed that 25 million tons will be added to Iran's petrochemical production potential in the current Iranian year (began March 20, 2020).
The minister added that thus, the production potential of Iran's petrochemical industry will increase to 100 million tons and its revenues to $25 billion.
Zanganeh noted that nine contracts will be signed soon with Iranian companies to protect and increase production in Iran.
According to Zanganeh, refining capacity of Iran's Persian Gulf Star Oil Company will increase to 450,000 barrels per day.
At present, Iran's Persian Gulf Oil Company processes 420,000 barrels of gas condensate per day and produces an average of 45 million liters of gasoline and 17 million liters of diesel per day.
Iran currently exports between 400,000 and 500,000 barrels of oil per day. Iran does not provide information on oil production and exports, given the sanctions.
The contract on increase of the production capacity of the Iran-Iraq joint oil field South Azadegan to 320,000 barrels per day was signed between Iran’s Petroleum Engineering and Development Company and Iran's Petropars Operation and Management Company.
The 30-month contract is worth $961 million and 11.8 trillion rials (about $281 million). Along with crude oil, the field will produce 200 million cubic feet (about 56.6 million cubic meters) of gas per day.
