Mar 1, 2021, 9:34 AM
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Iran opens $5.6b oil & petrochemical projects amid sanctions

Tehran, March 1, IRNA - The Islamic Republic of Iran is inaugurating oil and petrochemical projects worth 5.6 billion dollars despite the fact that the country has been suffering from the harshest economic sanctions in the past three years.

The Iranian oil industry has never stopped development projects even when it was targeted by unprecedented US bans. The embargo hindered Iran from access to financial resources and state-of-the-art technologies, but the Islamic country could develop oil and gas fields and accomplish petrochemical projects.

The administration of President Hassan Rouhani prioritized the oil and gas industry; so, the production of gas from the South Pars Gas Field and West Karoun saw a 2.5 and 5 times increase respectively.

President Rouhani plans to inaugurate three oil and petrochemical projects via video conference on Monday.

Azar Oil Field is one of the projects, which has been developed at a cost of over 1.4 billion euros and enjoys a production capacity of 65,000 bpd crude oil. The oil field is one of the most complex fields in Iran.

At the first step of the early production of the Azar Oil Field, Iran wanted to produce 30,000 bpd. The drilling of all 20 wells with a total depth of 88 kilometers has been accomplished. The first oil rig in the Azar Oil Field was set up around eight years ago.

Securing national interests, creating job opportunities for the Iranian workforce, thriving economy of Iran as well as developing infrastructure in Ilam province are among the main objectives of implementing the oil project. The Azar Oil Field is located near the border of Iraq in southwestern Iran.

Kangan Petro Refining Complex is another project to be inaugurated on Monday, which is the biggest petrochemical feed supply unit and is expected to bring $1 billion profit per annum.

Iranian firms carried out the project from engineering to construction of all units. The Kangan Petro Refining Complex has provided 3,500 people with job opportunities during the construction period and 622 others during inauguration time.

The development of the Ethan Recovery Unit of the complex initiated in 2016 and the second phase of the project is scheduled to be operational in 2022.

The vicinity of the Kangan Petro Refining Complex to Phase 12 of South Pars Gas Field distinguishes the project from other refineries.

Moreover, Kian Petrochemical Company in Asaluyeh county, southern Iran, is the third project, which will become operational on Monday.

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