Iranian company actively involved in oil, gas and petrochemical projects

Oil&Gas Materials 23 October 2019 18:30 (UTC +04:00)

BAKU, Azerbaijan, Oct. 23

By Elnur Baghishov - Trend:

The Oil Industry Pension Fund Investment Company is actively involved in Iranian oil, gas and petrochemical projects, Mustafa Omid Qaemi, executive director of the company, said.

The company is involved in the ethane processing process of the Phase 12 of the South Pars gas field and the project implementation has advanced by 90 percent, Qaemi added, Trend reports referring to Shana.

"Some 1,727 million tons of ethane, about 1 million tons of propane and 512,000 tons of butane will be produced per year within the project," the executive director said.

Qaemi also said that at the same time, the company is also involved in 3100 NGL project. The project implementation advanced by more than 30 percent.

"In general, the investments worth $2.5 billion will be made in such projects as NGL, Dehloran Petrochemical Plant and other small projects (down industry)," the executive director said.

Qaemi added that half of these investments has been made so far.

Commenting on the development of the Azer oil field in Iran’s Ilam province, the executive director said that the goal is to extract 65,000 barrels of oil daily from the field by the end of the year.

"The oil tanks for 6.5 million barrels of crude oil and oil products are being built in Qeshm island in Iran’s Hormozgan province,” Qaemi said. “Two investment companies are working on this project.”

He said that the project includes 13 oil tanks. Presently, the project implementation has advanced by 40 percent.