Iran’s oil industry attracts over $10 billion of investment in 5 months

Teheran, September 4 - Neftegaz.RU. Over $10 billion of investment has been made in Iran’s oil, gas and petrochemical industries during the first 5 months of the current Iranian calendar year (March 20-August 21) despite the problems and limitations caused by the coronavirus pandemic and the U.S. sanctions.

As reported by IRNA, since the beginning of the current year, which is called the year of surge in production, 10 oil, gas, and petrochemical projects have been put into operation, with a total investment of $5.11 billion, plus $5.2 billion as well as 8 trillion rials (over $190 million).

In addition to the mentioned inaugurated projects, the government also plans to inaugurate 17 petrochemical projects by the end of this year which has caused this year to be called the “golden year of the petrochemical industry”.

Once the new plants are inaugurated, the country’s petrochemical output will reach 100 million tons a year which will bring the country some $25 billion annually.

The government also plans to inaugurate an oil terminal out of the Persian Gulf waters on the Gulf of Oman by March 20, 2021, so that the country will no longer have to use the Strait of Hormuz for the exports of its oil.

The construction project of the new oil terminal in Makran and a pipeline for the transfer of oil from Goureh to Jask was inaugurated on June 26. Some $2 billion has been allocated to the project which is expected to create 4,000 new jobs.

Back in August, the head of Iran’s Petroleum Engineering and Development Company (PEDEC) said that considering progress in Goreh-Jask oil pipeline project, NIOC will be able to export its 1st oil cargo from Jask terminal by the end of the current Iranian calendar year (March 20, 2021).

The pipeline will transfer 1 million barrels of heavy and light crude oils per day to Jask oil terminal in the southern Hormozgan Province to be exported.