BAKU, Azerbaijan, Sept. 25
By Elnur Baghishov – Trend:
Iran will increase crude oil extraction in the Ilam Province (western Iran) by about 110,000 barrels daily, Iranian Oil Minister Javad Owji said, Trend reports citing the ministry.
According to Owji, crude oil extraction in Ilam Province should exceed 300,000 barrels daily.
The minister added that about 3 percent of Iran's oil reserves are in Ilam Province. More than 210,000 barrels of crude oil and about 3.5-4 million cubic meters of gas are currently extracted from Ilam Province daily.
Owji expressed hope that the province's gas extraction will exceed 4 million cubic meters with the development of the Tang-e-Bijar gas field.
The minister stressed that a total of $4 billion will be invested in the oil sector in Iran's Ilam Province, of which, $2 billion is related to the development of oil fields. The process of investment has already begun.
“Meanwhile, the remaining $2 billion worth of investment will be made in the downstream industry. In this regard, a polypropylene park will be created near the Ilam Gas Refinery,” he said.
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