Tehran (IP) - Referring to the start of the installation of the first platform of phase 11 of South Pars, the Minister of Oil said: "Although this project is not a big project compared to other oil projects, it shows that the development of Iran's oil industry will not stop in the face of sanctions."

Iran PressIran News: At the inauguration ceremony of the first platform of phase 11 of South Pars, which was held on Thursday in the presence of the President and via video conferencing, Iran's Oil Minister, "Bijan Namdar Zangeneh" said that the huge oil field of South Pars is a divine gift for our nation and country.

Emphasizing that 10 phases of this field were completed by 2013 and  Iran had 17 semi-finished phases, he continued: "Except one refinery, we have put all 14 phases into operation and all maritime activities will be completed this year.

Iran Minister's oil said the goal of this $ 4 billion project was to increase the push for further extraction, as well as the conventional daily extraction of 56 million cubic meters of gas from Phase 11, which will be done by two oil platforms and sent to refineries.

Zanganeh continued: "Next year, production from this phase will reach 500 million cubic feet per day, and in the upcoming year  to one billion cubic feet."

He pointed to the second leap in petrochemicals and the annual production capacity of 100 million tons of petrochemical products, adding: "Petrochemicals are active and new projects are on the agenda."

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