Iran’s oil ministry highlights domestic production

Business Materials 26 March 2012 11:50 (UTC +04:00)

Azerbaijan, Baku, March 26 / Trend F.Milad /

Iranian oil minister Rostam Qasemi said that in the new Iranian year the ministry will place priority on domestic production as the Supreme Leader named the year as the year of supporting domestic production and boosting national assets.

Qasemi added that operations in the South Pars gas field will be accelerated, especially in the field of refinery building, IRIB reported.

The ministry plans to recruit up to 50 percent of laborers in the south Pars region from among local manpower, he said.

Three new refineries will become operational in the South Pars gas field, which will increase the field's output to 17 billion cubic meters (bcm) per year by 2015, the South Pars Gas Complex's managing director stated.

Ali-Akbar Shabanpour told Fars news agency that the daily output of the South Pars gas field will reach 480 million cubic meters (mcm) from 290 mcm.

The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.

Iran sits on the world's second largest natural gas reserves after Russia.