BAKU, Azerbaijan, October 14. The implementation of medium- and long-term plans to optimize energy consumption in Iran will bring $90 billion to oil revenues by 2041, the executive director of the Iranian Energy Optimization Company Hossein Hosseinzadeh said at the III International Conference on Energy Efficiency and Consumption Optimization held in Tehran on October 14, Trend reports.
He asserts that the country's energy optimization fund possesses the necessary financial resources. This fund is expected to be able to take positive steps to optimize energy consumption in the country.
“Iran's energy consumption is twice that of developing countries. Petrochemical companies consume 9.2 percent of the country's gas. This suggests that fuel consumes 60 percent of the funds, making the production of petrochemical products unprofitable," he said.
Hossein emphasized that the oil industry is considered one of Iran's main industries, and 90 percent of the country's economy relies on this sector. Oil, gas, and electricity strongly impact Iran's economy.
To note, the two-day international conference and exhibition on energy efficiency and consumption optimization in Tehran kicked off on October 14.