Tehran (IP) - Iran's Oil Minister announced on Saturday that a total of 64 semi-finished and new projects worth $14.5 billion will become operational, while the executive operations of 15 projects valued at $14.3 billion will begin this year.

Iran PressIran News: Speaking to SHANA on the sidelines of his meeting with senior officials of the Oil Ministry, Javad Owji highlighted the Ministry's continuous investment in this strategic industry despite difficult conditions caused by sanctions and other problems such as financial supply or supply of sensitive and sophisticated equipment.

The petrochemical industry has the largest share among almost completed projects, with 20 out of 64 small and big projects belonging to this sector. The National Iranian Oil Company (NIOC) stands at the top in terms of the number of projects whose executive operations will start in the current year.

This announcement demonstrates Iran's commitment to developing its oil and gas industry despite challenges posed by external factors.

According to Owji, NIOC and Distribution Company (NIORDC) hold the top two positions in terms of investment in old and new projects, respectively, highlighting their significant value.

The oil sector experienced a remarkable 15.4% economic growth in the autumn of 2022, contributing significantly to the country's overall economic progress.

However, the minister cautioned that insufficient investment in the oil industry could impede economic growth and pose significant challenges.

Therefore, he urged responsible organizations to take substantial measures to facilitate investment in this crucial sector.


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