Iran supports downstream investment in oil industry: Minister

Iran’s oil minister says the Islamic Republic is determined to support investment in its downstream oil, gas and petrochemical industries.

Bijan Namdar Zanganeh said on Saturday that as an economic priority, the Iranian Oil Ministry is committed to having all-out interaction with domestic and foreign private sectors for the development of downstream oil, gas and petrochemical industries.

He made the comments at the 11th international Iran Petrochemical Forum (IPF) in Tehran.

Assessments indicate that Iran requires USD 70 billion of investment in upstream and downstream industries, 30 percent of which is related to downstream industries, the minister added.

He said Iran sits atop one of the world’s largest natural gas reserves of 33.6 trillion cubic meters, adding that the country will soon increase it gas processing and transfer capacity to one billion cubic meters per day from the current level of 600 million cubic meters per day.

The Iranian oil minister said by completion of all phases of Iran’s South Pars gas field, it will produce 650,000 barrels of gas condensates, 6.7 million tons of liquid petroleum gas (LPG) and four million tons of ethane per day.

The oil minister also underlined Iran’s determination to play an active role in the emerging global markets and noted that the country currently exports its petrochemical products to different parts of the world including Asia, Africa, Europe, Americas and the Pacific.

In 2013, Iran exported 12.8 million tons of petrochemical products worth USD 9.9 billion to the global markets and produced 14.5 million tons of such products for domestic use, Zanganeh added.

By Press TV


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