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Iran opens $3 billion worth of petroleum industry projects

Iran opens 17 major petroleum industry projects in seven provinces with an investment of $3 billion. (Photo by

Iran has launched 17 major petroleum industry projects with an investment worth $3 billion as the country moves ahead with plans to expand its oil sector despite sanctions affecting its access to foreign investment and technology.

Acting President Mohammad Mokhber attended a ceremony in the Iranian Oil Ministry headquarters on Monday to remotely inaugurate the projects that were scattered in seven provinces across Iran.

The projects covered oilfield development, refineries and petrochemical plants, fuel pipelines and flared gas recovery systems.

The official IRNA news agency said in a report that the projects will increase Iran’s flare gas recovery capacity by 4 million cubic meters per day while boosting the country’s capacity for production of Euro 5 gasoil by 5.7 million liters per day.

Petrochemicals production capacity will increase by 3 million metric tons per year as a result of the new plants launched on Monday, said the report, adding that some 222 kilometers of pipelines had also been inaugurated to increase the ability of refiners to transfer products to various parts of the country.

Most of the projects were in southern oil-rich provinces of Khuzestan, Bushehr, Hormozgan and Fars, it said.

Iran has relied on domestic expertise and investment to develop its petroleum sector in recent years despite the fact that the country has been struggling with a series of unprecedented sanctions imposed by the United States.

Oil exports and production have increased as a result of the policy with Oil Minister Javad Owji saying earlier this week that total oil output in Iran will reach around 4 million barrels per day by the end of the calendar year to late march.

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