TEHRAN, Oct 17 (Shana) � Minister of Petroleum Bijan Zanganeh says Iran's gas condensate output will reach one million barrels per day by the next two years from 700,000 barrels per day this Iranian calendar year of 1395 (March 20, 2016-March 20, 2017).

Addressing a meeting on oil and energy in Tehran, Zanganeh said Iran's enriched gas production capacity stands at 835 million cubic meters a day and it will reach about 900 mcm by March 20, 2017, and beyond 1,000 mcm a day by the next four years.

He said Iranian oil industry needs about $200 billion investment to meet the goals of the sixth five-year development plan. "More than 130 billion dollars out of the sum is needed in the upstream sector of the oil industry, more than $50 billion in the petrochemical industry and about 15 billion dollars for refineries."

The minister said fuel shipment to power plants is among major measures to be taken by the Ministry of Petroleum of the present administration.
"In 2013, about 45 percent of power plants' fuel was met out of liquid fuel and more than 27 billion liters liquid fuel, worth about 18 billion dollars, were delivered to power plants. This is while, the share of liquid fuel consumption has reached below 18 percent and will reach about 10 percent in the near future."

The minister said LNG development on the large and small scales are among other future plans of the Ministry of Petroleum. "Expansion of gas distribution network to the entire population of the country in the next one year and a half and export of gas to the neighbors are among other goals ahead."
As for the petrochemical sector, the minister said easy access to varying kinds of feedstock needed by petrochemical facilities is among other goals of the Ministry of Petroleum. "In this respect, Iran is among rare models worldwide and can put different kinds of feedstock at competitive price at the disposal of investors."

The minister said Iranian petrochemical products are on high demand. "For instance, for the time being, there are more than three demands for one ton of ethane and there are many investors active in Iranian petrochemical industry, which we should choose our favorite investors from among them with respect to the national interests."
He announced that for the time being, the price for the feedstock is specified and discounts have also been made clear and on the whole, 50 billion dollars worth project are followed in the Iranian petroleum ministry.

"We hope that by the end of this year, about five billion dollars worth of petrochemicals will be added to Iran's total output."
He announced that Iranian oil industry needs investment in the upstream sector and it will follow development of downstream sectors, like petrochemicals, refining, oil distribution and gas supply, so that the value chain of the sector will be complete.

By SHANA