BAKU, Azerbaijan, Jun. 14
By Elnur Baghishov – Trend:
Iran provides energy subsidies (excluding electricity) worth $70 billion per year, Iranian Oil Minister Bijan Zanganeh said, Trend reports citing IRNA.
He made the remark in an event dedicated to the official opening of the Oil Industry Innovation and Technology Park in Tehran today on June 14.
The minister stressed that Iran consumes 1.5 million barrels of liquid fuel per day and 540 million barrels per year.
Zanganeh added that that figure is reached about $35 billion a year at a price of about $65 per barrel.
“In addition, Iran consumes 300 billion cubic meters of gas per year. The cost of annual gas consumption is about $37 billion at a price of 16 cents per cubic meter,” he said.
The minister noted that it is necessary to make maximum use of the potential of startup companies in the field of production and consumption.
According to Zanganeh, a number of plans are to be implemented in the Oil Industry Innovation and Technology Park. So, one of these plans is related to oil and gas wells, where extraction is little or no extraction. About $500 million is to be spent on this plan.
The Oil Industry Innovation and Technology Park was officially opened in Tehran today. Five contracts have been signed between the park and Ministry of Science, Research and Technology of Iran, Isfahan Science and Technology Town (ISTT), Shiraz University of Technology, ran University of Science and Technology and Amirkabir University of Technology.