Iran needs over $10B to renovate oil facilities in Khuzestan
Baku, Azerbaijan, Apr.21
By Fatih Karimov - Trend: Iran needs over $10 billion to renovate oil facilities in the southwestern province of Khuzestan, Oil Minister Bijan Namdar Zanganeh stated.
All the oil facilities in Khuzestan are old and should be renovated as soon as possible, Iran's Shana news agency quoted Zanganeh as saying April 21.
Some 82 percent of Iran's crude oil is produced in Khuzestan.
Iran produced 3.7 million barrels of oil per day before the imposition of sanctions against the country, but the production dropped to 2.8 million barrels per day.
As soon as the sanctions are lifted - if they're lifted - Iran could increase its oil output "very fast. ... Within a few months after the removal of sanctions, Iran will be able to increase its oil production to levels that existed before the sanctions were imposed," Zanganeh said.
Edited by CN