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Iran Petroleum Minister: Petchem Expansion, $14B Deposited

Iran Petroleum Minister: Petchem Expansion, $14B Deposited
(Saturday, November 18, 2023) 15:17

QOM (NIPNA) - Iran's Petroleum Minister, Javad Owji, during his visit to the "Narration of Progress and Two-Year Services of the People's Government" exhibition in Qom, highlighted plans to increase the country's petrochemical industry capacity by an additional 5 million tons.

Addressing the exhibition on Friday evening, Owji underscored the significance of the nation's oil, gas, and petrochemical industries, citing them as among the country's vital resources.

"Before the revolution, Iran's oil industry was under the influence of foreign advisors, leading to its exploitation. However, in the past 44 years since the victory of the Islamic Revolution, significant advancements have transpired in the oil industry. Presently, there are no foreign advisors in any sector of the country's oil and gas industry, and the development of the oil industry is carried out by domestic experts," Owji emphasized.

Highlighting the historical context, Owji mentioned that before the Islamic Revolution, Iran had only one petrochemical plant and one gas refinery.

Providing a comprehensive overview of the oil industry's activities and accomplishments, Owji revealed that presently, there are 68 petrochemical complexes in the country, contributing over $14 billion in hard currency to the NIMA system through their product exports.

"We have a positive outlook in the oil industry. In the petrochemical industry, we've strived to move towards self-sufficiency and value creation through the engagement of Iranian specialists, the attraction of elites, and collaboration with knowledge-based companies," stated Owji.

Emphasizing the allocation of feedstock to petrochemical units, Owji outlined the process where each petrochemical plant receives gas through a 6 to 8-inch gas pipeline, transforming it into high-value-added petrochemical products.

"Last year witnessed an addition of 5 million tons to the country's petrochemical capacity. Petrochemical production aims for high added value, preventing raw product exports, and ensuring resilience against sanctions," Owji elaborated.

Owji proudly stated that the Ministry of Petroleum has held the top position in initial cargo construction for two years. At the beginning of the 13th government's term, the oil industry collaborated with 150 knowledge-based companies, a number that has now expanded to 600 companies.

The exhibition serves as a platform to showcase the achievements and advancements of the government over the past two years.

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