May 20, 2021, 1:37 PM
Journalist ID: 1195
News Code: 84337158
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Investments in oil industry would double without sanctions: Minister

Tehran, May 20, IRNA – Iran’s Oil Minister Bijan Zangeneh said on Thursday that if it weren’t for US sanctions, Iran could use foreign financial sources to double investment in oil industry.

Zangeneh made the remarks in the 68th edition of weekly national projects inauguration which was allocated to oil industry projects.

He mentioned three projects that were inaugurated by Iran’s President Hassan Rouhani in the same ceremony, singling out the urea and ammonium production plant built in Masjed Soleiman country.

“I’m pleased that a plan with the capacity to produce 1.76 million tons ammonium annually has been erected in this region,” the minister said.

Masjed Soleiman was home to first ever oil explorations in Iran in early 20th century and the first oil will, defunct, was drilled there. The county is known for its history mingled with oil industry.

Zangeneh said that the oil ministry has been authorized to develop oil refining project in Masjed Soleiman base on associated gas to improve investments in this region.

He also pointed to the other major projects underway in Asalouyeh which would produce 1.65 million tons of methanol on a yearly basis and said the methanol produced in this plant would be pumped to propylene production chain in the country.

Three projects were launched today at the order of the President. The projects were part of the so-called ‘second surge’ program from which, Zangeneh said, ten projects were yet to be inaugurated.

He further explained that by launching remaining projects by the end of 2021, Iran’s petrochemical production would reach 100 million tons each year.

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