Jan 11, 2021, 1:13 PM
Journalist ID: 1844
News Code: 84181630
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Zanganeh lauds Iran's progress in oil exports

Tehran, Jan 11, IRNA – Iranian Petroleum Minister Bijan Zanganeh said on Monday that many capacities have been created in oil sector and Iran's progress in oil exports amid sanctions is not comparable with two years ago.

Zanganeh said that one percent increase in crude oil production co-efficiency which is 7 billion tomans will bring about 300 billion-dollar revenue for the country.

Regarding the increase in the recycling co-efficiency, he said that $1.2 billion worth of investment will be made for the current stage, 100,000 bpd will be added to the output and will bring about $1.5 billion extra revenue a year.

He noted that all the contracts have been signed with Iranian contractors and 72% equipment are domestically made.

Efforts have been made for creating jobs amid sanctions during which 14.5% of Petroleum Ministry shares have been destroyed.

Earlier, Iranian Minister of Petroleum said that 11 billion dollars of revenues earned in the first boom of the petrochemical industry seven years ago, and in the second jump, the income is expected to reach 25 billion dollars at the end of the next Iranian year (March 20, 2021-March 20, 2022).

Iran had earned two billion dollars of the petrochemical industry in 1997 and the income reached 11 billion dollars in 2013, Zanganeh said. The revenue of petrochemical projects would increase to 25 billion dollars by March 20, 2022, he noted, adding that 37 billion dollars of income is expected by 2025. 

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