BAKU, Azerbaijan, May 6. New oil refineries with the total capacity of 720,000 barrels per day will be built in Iran’s Hormozgan Province in the south of the country in the near future, Governor of Iran's Hormozgan Province, Mehdi Dusti told IRNA, Trend reports.
The governor noted that Iran's Oil Ministry has decided to build 3 oil refineries in Hormozgan Province. In this regard, a total of $30 billion is expected to be spent.
According to Dusti, each of the two refineries will have a daily refining capacity of 300,000 barrels, while the another one will have 120,000 barrels.
“As part of Iranian President Ebrahim Raisi's visit to Hormozgan Province on January 13, 2023, the Ministry of Oil approved a number of projects worth 80 trillion rials (about $1.9 billion) in the province. So far, funds worth 50 trillion rials (about $1.19 billion) has been spent,” he said.
Currently, Iran's oil and gas condensate refining capacity is over 2 million barrels per day.
There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields – Iranian Central Oil Fields Company (ICOFC), 5 fields – Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC), and 3 gas fields – the IOOC.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With available technology and equipment, Iran can extract 340 billion barrels. Thus, 30 percent of the country's hydrocarbon reserves are recoverable, while 70 percent remain underground.
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