Tehran (IP) - The Iranian oil minister announced the $6 billion approval of the Economic Council to develop oil projects and said: "Since domestic oil resources are not enough to develop oil projects, these resources must be provided through the domestic capital market."

Iran PressIran News: Iran's oil minister, Bijan Zangeneh on Saturday at the signing ceremony of the Yaran joint oilfield development agreement, stated that the current situation is difficult due to the spread of corona and the pressure of sanctions, and noted, "Currently due to sanctions, Iran's oil production is low, but the situation does not remain like this, so from today, we must increase production capacity to increase our production in the shortest possible time whenever necessary."

Zangeneh added, "Development and extraction of joint oil and gas fields has been a necessity for us from the beginning and is a principle."

He said Iran could not manage oil issues by methods from 100 years ago, and stating, "We need to pursue new methods through exploration and production companies."

Zangeneh announced the $ 6 billion decision of the Economic Council to complete the oil projects and said, "This credit will be achieved through the capital market."

The official went on to say that ‌the effort is to create a chain of the oil industry to stimulate other sectors of production.

Yaran joint oil field development contract was signed today between the National Oil Company and Persia Oil and Gas Industry Development Company in the form of new oil contracts.

Yaran joint oil field is located 130 km southwest of Ahvaz and west of the South Azadegan field and is shared with the Majnoon field in Iraq.


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