Iran Oil Minister:

Tehran (IP) - Iranian Minister of Petroleum said that the ministry has invested $10 billion in the Azar Oil Field Development Project in Mehran (western Iran).

Iran PressIran news: Javad Owji arrived in Ilam province on Friday, accompanying President Ebrahim Raisi.

Owji, on Friday in front of the people of Mehran, said: "The priority of the Ministry is the development of oil fields in Ilam province, which if realized in the coming years, 330 thousand barrels of oil will be produced daily in this province."

"Azar Oil Field will be developed to boost employment and increase production," Oji said.

Iranian Minister of Petroleum also said his ministry is planning to invest 4 billion dollars in the western province of Ilam to develop oil and energy projects.

Owji announced plans to invest about $2 billion in the upstream sector of the oil industry in Ilam province and said: "Considering that $2 billion of the project is defined in the downstream sectors, thus a total of $ 4 billion over the next 4 to 5 years will be invested in the plans and projects of the oil industry of this province."

Owji, today (Friday, September 24), on the sidelines of a visit to Azar Oil Field Development Project, said a lot had been done to develop the field, and a lot more is yet to come in the region.

He said: "Ilam Province sits atop about 3% of the country oil and gas reserves, a number of independent fields and 2 joint oil fields, and the Ministry of Petroleum has planned, through subsidiaries and the private sector, up to $2 billion of investment in the upstream sector of the oil industry of the province."

Owji continued: "In the downstream sector, including the petrochemical industry and value chain complementary industries, over 2 billion dollars of projects have been defined; part of the projects will be bankrolled by the Ministry of Petroleum and its subsidiaries and another part will be supplied by tapping the Oil Pension Fund and the Persian Gulf Petrochemical Industries Company (PGPIC).

Construction of 1st Polypropylene Park in Ilam

Elsewhere in his address to the people of Ilam, Owji said the Iranian Ministry of Petroleum has planned to build a polypropylene (PP) park in the province adjacent to its refinery.

He said the ministry has promised to support Petrol Holding Company by Rls. Three thousand billion in the project, which is hoped to come to fruition within 2 to 3 years.

The plan will need an investment of Rls. He added that seventeen thousand billion would be supplied by the Iranian Ministry of Petroleum, the private sector, and the Oil Industry Pension Fund.


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