Iran to sign new contracts in oil sector

Iran to sign new contracts in oil sector

BAKU, Azerbaijan, August 12

By Elnur Baghishov – Trend:

Nine contracts will be signed in the Iranian oil sector on August 17, Iranian Oil Minister Bijan Zanganeh told reporters following a meeting of the Iranian government, Trend reports citing National Iranian Oil Company’s official website.

The minister noted this testifies that Iranian oil sector continues to successfully operate.

He added that the construction of 17 new offshore phases and 15 new onshore plants of Iran's South Pars gas field has been completed.

Zanganeh emphasized that the refinery of the 14th phase of the South Pars gas field will be commissioned by the end of the current Iranian year (from March 20, 2020 to March 21, 2021).

According to the minister, Iran's gasoline and diesel production has also increased in terms of quantity and quality. Furthermore, these products are not only supplied to the local market, but also exported.

“In addition, permission was granted for the construction of oil refineries on the processing of about 1.5 million barrels of oil and gas condensate per day including three refineries with the daily capacity of processing 300,000 barrels of crude oil, one refinery - of for 200,000 barrels of crude oil, and another refinery - for processing of 180,000 barrels of gas condensate,” he said.

The South Pars gas field is a joint gas field of Iran and Qatar. The proven reserves of the South Pars Gas Field are estimated at 51 trillion cubic meters of gas, of which 36 trillion are extractable. At present, Iran's daily gas production from the South Pars gas field is more than 700 million cubic meters. Iran has so far spent $33 billion on projects related to the South Pars gas field.

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