Nov 26, 2020, 12:24 AM
Journalist ID: 2377
News Code: 84124227
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Maturity of Iran's oil industry amid sanctions

Tehran, Nov 26, IRNA -- Three oil and petrochemical projects will be inaugurated by Iran's President Hassan Rouhani via videoconference today, at a time when Iran has been facing the most severe oil sanctions in the last 3 years, but this economic war against the Iranian nation could not stop the development of oil the country.

The US withdrawal from the JCPOA led to the unilateral imposition of the US sanctions on the Iranian economy. Although these sanctions targeted all sectors of the economy, most experts believe that the war mainly taken aim at the Iranian oil industry, as the US stated its goal of reducing Iran's oil exports to zero.

However, it was not successful in this way and Iran was able to deliver its oil to customers in various ways.

However, Iran's oil revenues fell due to declining exports. Coronavirus outbreak also pushed down oil prices. But none of them could stop the engine of development in the oil industry. During the same period, Iran increased its production from the South Pars joint field to 700 million cubic meters per day.

Oil output from the shared West Karoun oilfields also increased by about 6 times to 400,000 barrels a day. 

In the field of producing petroleum products, Iran succeeded in becoming a stable exporter of gasoline by exploiting the Persian Gulf Star Refinery and implementing optimization projects in other refineries in the country.

The petrochemical industry as a value-creating industry did not lag behind this trend and two leaps were defined in this industry so that in 2021 and 2025, the country's petrochemical production would hit 100 and 130 million tons per year, respectively.

This year, 17 projects are expected to be put into operation, and one of the most important projects, Lordegan Petrochemical Complex, will be inaugurated by video conference on November 26 in the presence of the President Rouhani.

Lordegan Urea and Ammonia Petrochemical Company, which has successfully passed its trial period, will be inaugurated on November 26, and is expected to bring in $240 million annually.

Lordegan Petrochemical Company is a subsidiary of Iranian Investment Petrochemical Group, located 55km off the city of Lordegan, western Chaharmahal and Bakhtiari province.

In addition to Lordegan Petrochemical, two projects of the National Iranian Oil Company will also be inaugurated today via videoconference by President Rouhani.

These two projects include the construction of a mobile processing facility at the South Azadegan Oilfield and construction of storage facilities and gas condensate measuring stations in the South Pars Gas Field.


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