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Iran Completes Half-Finished Projects Worth Over $28 Billion in 1402

Iran Completes Half-Finished Projects Worth Over $28 Billion in 1402
(Sunday, April 21, 2024) 13:46

TEHRAN (NIPNA) -- Iran's Minister of Petroleum announced that the Ministry of Petroleum completed half-finished projects worth over $28 billion in the Iranian year 1402 (ended on March 20), resulting in significant growth in the oil and gas sector.

Javad Owji, speaking to reporters in the government courtyard, highlighted the completion of these projects as a catalyst for the advancement of various industries including oil, gas, refining, and petrochemicals, leading to an impressive economic growth rate of over 20% in the oil and gas sector.

"During the year 1402, the Ministry of Petroleum successfully concluded projects worth over $28 billion, fostering notable progress in the oil, gas, refining, and petrochemical industries," stated Owji.

The Minister further emphasized that these completed projects have spurred increased production across these vital sectors, contributing to the remarkable economic growth observed in the oil and gas industry.

"Effective investment in both upstream and downstream sectors of the oil industry enabled the successful completion of these projects, paving the way for substantial economic growth," Owji added.

Owji outlined comprehensive plans for further investment in remaining half-finished projects in the oil industry this year, aiming to sustain and even enhance the desirable production growth witnessed in the past year.

"We hope that the year 1403 will see similar commendable records in terms of production growth as we experienced last year," concluded the Minister of Petroleum.

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