BAKU, Azerbaijan, August 26. A total of 33 previously incomplete oil projects in Iran have been successfully finalized through an investment of $12 billion during the tenure of President Ebrahim Raisi, Javad Owji, Iran's Minister of Oil, said, Trend reports.
Owji conveyed that these projects were inaugurated since the inception of the administration, and the ministry has intentions to inaugurate an additional 67 unfinished projects, valued at $15 billion, by the conclusion of the present Iranian year on March 20, 2024.
Furthermore, Owji highlighted that oil production has reached a daily output of 3.3 million barrels during this administration, with the ministry aiming to elevate production to 3.4 million barrels per day by September 22, 2023. He emphasized that oil production has surged by 1.3 million barrels per day since the commencement of President Ebrahim Raisi's administration on August 3, 2021.
Among the 33 projects inaugurated in this period, the minister specifically pointed out two substantial undertakings: Phase 2 of the Abadan Refinery, featuring a capacity of 210,000 barrels per day, and Phase 14 of the South Pars Refinery, boasting an impressive capacity of 50 million barrels per day.
Meanwhile, according to the August report of the Organization of Petroleum Exporting Countries (OPEC), Iran increased production by 68,000 b/d, reaching a level of 2.828 million b/d.