BAKU, Azerbaijan, March 18. Iran has recorded growth in crude oil production, gas condensate processing, petrochemical products, and liquefied petroleum gas (LPG) in the current Iranian year (from March 21, 2023, through March 19, 2024), Iranian Oil Minister Javad Owji said during the meeting of the Cabinet of Ministers, Trend reports.
According to Owji, Iran's crude oil and gas condensate processing potential in the current Iranian year was 2.37 million tons per day. The refining potential of crude oil and gas condensate increased by 7.73 percent compared to last year (from March 21, 2022, through March 20, 2023). Iran's crude oil and gas condensate refining potential stood at 2.1 million barrels per day last year.
Owji added that Iran's production of petrochemicals rose to 75 million tons this year. The production of petrochemicals rose by 15 percent compared to last year. A total of 65 million tons of petrochemical products were produced in the country last year.
The Iranian minister stated that the country produced 6.5 million tons of liquefied petroleum gas in the current year. The production of liquefied petroleum gas increased by 103 percent compared to last year with production of 3.2 million tons of liquefied petroleum gas.
To note, all of Iran's hydrocarbon reserves amount to 1.2 trillion barrels. Iran can produce 340 billion barrels with existing technological equipment. Iran can utilize about 30 percent and 70 percent remains unutilized beneath the ground.
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