BAKU, Azerbaijan, October 14. A total of $30 billion should be invested annually in optimizing energy consumption in the country during the current government of Iran (from August 2024 through August 2028), the Iranian Deputy Oil Minister Houshang Falahatian said at the III International Conference on Energy Efficiency and Consumption Optimization in Tehran on 14 October, Trend reports.
According to him, if the mentioned amount of funds is not invested, Iran will have a more serious imbalance between production and consumption in the coming years.
Falahatian added that the sharp increase in energy consumption in the country in recent years, the lack of serious attention to the implementation of energy optimization projects, and serious energy losses have created a serious disparity between energy production and consumption.
“Steps should be taken to reform both production and consumption to address the disparity created between energy production and consumption. The notion of increasing the production of gas and petroleum products in the country to address the entire inequality is not the right and economically viable solution,” he noted.
The deputy minister stressed that maintaining the current level of oil and gas production, development of new fields, construction of new oil refineries and gas processing plants, and development of pipelines for transportation of gas and oil products requires time and large funds.
To note, the two-day international conference and exhibition on energy efficiency and consumption optimization in Tehran started on October 14.