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Oil Minister: Self-Sufficiency in Oil Industries Despite Sanctions

Oil Minister: Self-Sufficiency in Oil Industries Despite Sanctions
(Monday, February 12, 2024) 14:41

TEHRAN (NIPNA) -- Iran's Oil Minister, Javad Owji, affirmed that Iran's oil, gas, and petrochemical industries have achieved self-sufficiency despite sanctions, highlighting the completion of 132 projects worth $28 billion during the thirteenth government's term.

Speaking at the second Progress Narrative Exhibition in Mashhad on Friday evening (February 9th), Owji presented a report on the performance of the Ministry of Oil in the thirteenth government, noting significant advancements in the oil industry since the Islamic Revolution. He stated, "In the thirteenth government, activities in the oil industry have gained significant momentum."

Owji continued, "Prior to the revolution, the oil industry was entirely dependent and all its operations were in the hands of foreign experts, who controlled production and exports as they wished."

The Oil Minister emphasized that before the Islamic Revolution, there was only one petrochemical plant in the country, adding, "In essence, the oil industry before the revolution was solely focused on crude production and exports."

Supplying $14 billion worth of petrochemical products in the NIMA system

Owji declared, "Today, thanks to the efforts of the specialists in this industry, we witness the production of over one billion cubic meters of gas in 23 gas refineries," further stating, "Currently, 10 oil refineries and more than 70 petrochemical complexes are operational in the country, with $14 billion worth of petrochemical products being supplied through the NIMA system last year."

The Oil Minister announced that the country's gas production now exceeds its consumption, with the majority of the gas being utilized in industries, power plants, and petrochemical complexes, adding value to the economy.

Self-sufficiency in the production of petrochemical catalysts

Highlighting the importance of petrochemical complexes as crucial centers for high-tech industries in the country, Owji stated, "Today, all grades and products of petrochemicals are produced in 70 complexes across the country, with 92 out of 95 required catalysts for the petrochemical and refining industry being domestically produced."

Owji emphasized, "In addition to self-sufficiency in the oil industry, technical and engineering services are also being exported from the country," noting, "Reconstruction and renovation have commenced in only one refinery in Venezuela with the entry of Iranian specialists."

He underscored, "Nowhere else in the world are there sanctions like those on Iran, yet Iran's oil industry has achieved self-sufficiency despite these sanctions."

The Oil Minister also mentioned that during the thirteenth government's tenure, daily oil production has increased by 50 million cubic meters, and significant progress has been made in completing 132 semi-finished oil projects worth $28 billion.

Owji concluded by stating that the value of these 50 new and important oil projects is $48 billion, noting, "One of these projects is the development of Phase 11 of the South Pars joint gas field, which had been delayed for 20 years under various contracts with companies such as Total, Shell, CNPC, and Petronas."

With the implementation of these plans, in addition to adding value and creating employment, foreign currency revenues will also be generated, contributing to the country's energy balance.

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