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Identifying New Petchem Markets through Strong Energy Diplomacy

Identifying New Petchem Markets through Strong Energy Diplomacy
(Wednesday, December 13, 2023) 17:04

TEHRAN (NIPNA) -- The Minister of Petroleum emphasized that the increase in exports, facilitated by robust energy diplomacy, was achieved through significant roles played by the President, the Ministry of Foreign Affairs, and others. He highlighted their collaborative efforts in identifying various markets for the sale of oil, petroleum products, and petrochemicals.

During a joint meeting held at the Ministry of Petroleum with Seyyed Ahmadreza Dastgheib, the head of the Supreme Audit Court, Javad Owji, yesterday (Tuesday, December 12, 2023), stated that the cooperation between the Supreme Audit Court and the Ministry of Petroleum has been strong.

He expressed the need for this collaboration to intensify day by day. Additionally, he advised colleagues and deputies to provide responses to the queries and ambiguities raised by the Supreme Audit Court, which acts as a supervisory body.

In this meeting, Owji presented a two-year performance report of the Ministry of Petroleum in the thirteenth government term, stating, "The most important issue in the oil and gas industry is investment. A country ranking first in total oil and gas reserves has significant potential for investment."

He continued, "One of the positive actions taken by the Ministry of Petroleum in the thirteenth government term has been investment, which has been aligned with increased production in the oil, gas, petroleum products, and petrochemical sectors."

Owji pointed out key projects executed by the Ministry of Petroleum to enhance production across various segments of the oil industry, including sustaining and increasing oil and gas production, production from shared fields, increasing gas storage, exploring new fields, expanding oil and gas refining capacity, upgrading petroleum products, boosting petrochemical production, and expanding gas refinery capacities, marking them as pivotal projects.

He added, "To date, we have brought 132 semi-finished projects or initiatives in the oil industry to operational status. In 1401, 48 projects became operational, and this year, 67 projects have become or will become operational, in tandem with the production increase."

The Minister of Petroleum specified, "Work on completing 50 new projects, in alignment with production escalation, has commenced, with an estimated value of $47.5 billion. The total investment in completed or initiated projects so far amounts to $76 billion."

"In 1400, we defined investment areas and projects for four main companies under the Ministry of Petroleum. The sum of these efforts includes 182 projects, in addition to the $76 billion," Owji explained.

He highlighted some significant Ministry of Petroleum undertakings, such as completing and operating phase 11 of South Pars and phase 14 of South Pars Refinery, both at 64% completion over 12 years, both of which became operational within the last two years. Other notable achievements included the completion and operation of the South Pars phase 16 pipeline, power plant construction, and more.

Referring to contracts aimed at developing shared fields, he emphasized ongoing or initiated development and operational activities in fields like Azadegan, Azar, and other predominantly western Karun fields.

Owji touched upon the gas flaring collection initiative by the Ministry of Petroleum, stating, "In the last two years, the Ministry of Petroleum has made significant strides in collecting flared gases, having collected 11.5 million cubic meters of flared gas to date. In 1403, 32 million cubic meters of flared gases will be collected. Furthermore, 54 gas flaring collection projects, with a $5.5 billion contract, have been signed, and all their fates will be determined by year's end."

He outlined efforts towards increasing refining capacity, expanding gas transmission lines, boosting oil refinery capacities, petrochemical projects, increased oil and gas production, gasoline production, augmenting oil exports, revenue collection from oil, as well as increasing gas supply to cities and rural areas.

Regarding the recent statistics from the Statistical Center concerning the economic growth of the oil and gas sector, Owji stated, "Fortunately, the Statistical Center of Iran's report for the second quarter shows a 25.6% economic growth in the oil and gas sector."

Finally, Owji highlighted the significance of energy diplomacy in augmenting oil exports, acknowledging the instrumental roles played by the President, the Ministry of Foreign Affairs, and others. He noted their ability to identify various markets for oil sales, petroleum products, and petrochemicals.

He concluded by acknowledging the Ministry of Petroleum's top position in providing technical and engineering services, utilizing the maximum capacity of knowledge-based companies. Additionally, he underlined the Ministry of Petroleum's shift towards domestically producing previously imported goods and its commitment to social responsibilities across various sectors like water and electricity supply, sports, culture, and more.

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