BAKU, Azerbaijan, April 30. Iran's Persian Gulf Petrochemical Industries Corporation will invest $1 billion to develop the Ahvaz and Maroun gas fields, Trend reports.
Memoranda of Understanding (MoU) were signed today (April 30) in Tehran to develop several gas fields. Iran's Oil Minister Javad Owji, Deputy Oil Minister and Executive Director of the National Oil Company Mohsun Khojastmehr, Deputy Oil Minister and Executive Director of the National Petrochemical Company Morteza Shahmirzaei, and other officials attended an event.
The Iranian Gulf Petrochemical Industries Corporation signed a memorandum of understanding with Iran's National Oil Company.
According to the MoU, research will be conducted to boost the
output of 9.8 million cubic meters of gas per day from the two
stated fields.
Meanwhile, Iran's National Gas Company and local industries signed
another $6.4 billion memorandum of understanding in Tehran on April
30 to raise gas production by 127 million cubic meters per day.
To note, Iran is considered the world's second-largest gas reserve country, with gas reserves of about 34 trillion cubic meters. Presently, 22 gas fields are operating in Iran. Iran produces 1.07 billion cubic meters of rich gas daily from its gas fields.
Persian Gulf Petrochemical Industries Corporation is an Iranian publicly traded enterprise. It primarily invests in and manages natural gas processing plants, chemical factories, oil refineries, and polymer manufacturing facilities. The National Petrochemical Company built it in 2011 with 800 billion tomans. It was Iran's second-most profitable firm in 2015. In 2019, the US Treasury sanctioned PGPIC for assisting the Khatam al Anbiya construction facility. In 2019, it was ranked 35th on the ICIS top 100 chemical firms list.
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