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Iran to Exploit $2B Oil Projects

Iran to Exploit $2B Oil Projects
(Wednesday, April 26, 2023) 16:25

TEHRAN (NIPNA) -- Iranian Minister of Petroleum, Javad Owji, announced today that more than $2 billion of the oil industry project would be put into operation during the president's visit to Khuzestan, southwestern Iran

The visit, scheduled for the next two days, will see the gas and liquefied gas plant 3200 (NGL 3200) put into operation, he told reporters on Wednesday.

The first phase of the project has a capacity of 250 million cubic feet per day of gathering West Karun flare gases at a cost of $1.4 billion.

The NGL 3200 is the first project to collect flare gases, injecting sweet gas into the national gas distribution network, and sending heavy compounds and condensates to Mahshahr Petrochemical Zone through a pipeline as petrochemical feedstock.

The Minister of Petroleum also announced that other projects to collect flare gases are on the agenda of the Ministry of Petroleum. In addition, two pressure booster stations related to NGL 900 and 1000 plants, 160 MW electric power station, and several other projects in the field of oil industry will be put into operation in Khuzestan, generating good employment and income.

Owji also emphasized that there is no plan to increase the price of gasoline and that people should not pay attention to rumors.

He requested people to use their personal fuel cards as the Parliament assigned the Ministry of Petroleum to refuel through a personal fuel card in the budget of 1402.

He also mentioned that big domestic and foreign oil industry companies, including Russian and Chinese companies and Gazprom, will participate in the 27th oil industry exhibition in the last days of May, and contracts and memorandums will be signed in the upstream and downstream sectors of oil.

The Minister of Petroleum stated that the Ministry of Petroleum fulfilled more than 95% of its tasks in the calendar year of 1401 which ended on March 20, and that they are trying to fulfill what is in the budget for the Ministry of Petroleum this year in the field of oil sales and the assigned gas condensates.

With good management and the cooperation of the people, the highest consumption of gasoline, about 142 million liters per day, was recorded in Nowruz 1402, and there is no problem of gasoline supply in any of the gas stations in the country (4,400 stations). 

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