BAKU, Azerbaijan, April 30. Iran will launch $25 billion worth of oil and gas, petrochemical, and allied projects in the current Iranian year (from March 20, 2024 through March 20, 2025), Iranian Oil Minister Javad Owji said, Trend reports.
He made the remark during the event organized in connection with the signing of memoranda of understanding for the development of 16 gas fields in Tehran.
According to him, 50 new projects will be carried out with the mentioned funds.
Owji added that 79 uncompleted projects worth $16 billion are scheduled to be finalized in the current Iranian year.
The official noted that it is planned to add 6 million tons to Iran's petrochemical production potential and 50 million barrels per day to crude oil refining potential in the current year.
Meanwhile, a memorandum of understanding worth $6.4 billion was signed in Tehran on April 30 between Iran's National Gas Company and local companies to increase gas production by 127 million cubic meters per day.
To note, Iran is considered the world's second-largest gas reserve country, with gas reserves of about 34 trillion cubic meters. Presently, 22 gas fields are operating in Iran. Iran produces 1.07 billion cubic meters of rich gas daily from its gas fields.
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