TEHRAN (IP)- Iranian Minister of Petroleum Javad Owji announced that over the first three years of the late President Raisi's administration, 150 oil industry projects worth $34 billion have become operational.

Iran PressIran news: The projects include the development of the South Pars gas field phase 11, which was previously ignored but was revived under the current administration.

Owji commemorated the memory of late President Ebrahim Raisi, noting that developing least-developed regions of the country and creating jobs for the people living in those areas was a top priority for the late president.

The majority of the 153 projects that came to fruition were projects that had been ignored before the 13th administration took office. The country has managed to acquire good revenues by implementing these projects in the oil, gas, refining, and petrochemical sectors.

The oil industry's growth rate has increased significantly, from 10 percent two years ago to 20 percent last year, the highest rate of growth among all sectors of the economy. The oil industry has 300 projects on the agenda, including 80 new projects, with a total value of $130 billion. Some of these projects are already operational.

Owji also highlighted the country's cooperation with Russia, stating that a satisfactory basis has been laid for expanding relations with Russia. The 13th administration has signed $5 billion worth of oil contracts with Russian companies, and 250,000 barrels of oil per day are produced from these contracts.