TEHRAN (Iran News) – Oil Minister Bijan Zanganeh says Iran has achieved record-high exports of petroleum products despite U.S. sanctions. Addressing the inaugural ceremony of the 25th Iran Oil Show in Tehran,  Zanganeh said former U.S. President Donald Trump and his secretary of state, Mike Pompeo, had “joined the dustbin of history, but we are alive and working with more hope to build the country.”

“The enemy and Trump wanted us to perish and die, our exports to reach zero,” he said.

“We set the highest record of exports in the history of the oil industry during the embargo period.”

It is estimated that Iran exports less than 300,000 barrels of oil per day (bpd), compared with a peak of 2.8 million bpd in 2018.

Zangeneh said he did not worry about Iran regaining its oil market share in the wake of eased sanctions on Tehran.

The official said: “I am not worried about regaining Iran’s lost oil market share, and oil buyers do not limit themselves to one or two sellers.”

He also said if the sanctions are lifted, “we will return to the market stronger than before, sooner than you might think.”

Also reacting to Iran’s oil exports increase, he said: “Iran’s oil exports have increased sharply in recent days.”

Zanganeh also commemorated Iranian martyrs, noting that the enemies especially the United States were trying to reduce Iran’s crude oil export to zero, but their attempt was doomed to failure.

The minister stated that Iran could hit the highest and historical record in exporting oil products, noting that the country is alive and it will continue the path with more hope than before and new investment is the main stimulus to improve the Iranian market.

Despite the fact that Iran has been under severe sanctions imposed by the United States, the Islamic country succeeded in manufacturing catalysts and chemical substances.

He stressed the need to hold the exhibition in order to preserve the link between producers and consumers, adding that the moto of the fair is the support for Iranian goods and services.

According to Zanganeh, the oil ministry has allotted 500 million dollars to support knowledge-based companies active in the development of the oil industry.

The oil ministry will purchase equipment made by Iranian companies in order to uphold domestic innovation, he added.

The 25th Iran Oil, Gas, Refining and Petrochemical Exhibition started with the motto, “National Oil, Iranian Goods, and Services,” at the permanent Tehran fairgrounds on Friday morning.

This year’s oil show, which was not held due to the outbreak of the COVID-19 pandemic on the usual date every year (May), kicked off this morning (Friday, January 22, 2021) a few minutes ago in the presence of the Oil Minister as well as senior oil industry executives.

The fair is held under strict health protocols and only oil industry experts are allowed in the showcase.

The fair will run until January 25.

Meanwhile on Thursday and addressing in a ceremony to launch Persian Gulf Bidboland Gas Refinery, Zangeneh said the country would generate $1.5 billion/year by the project.

This is the 11th petrochemical project which has come online in Iran since last March.

Plans were underway to launch 17 petrochemical projects with 11.4 billion dollars of investment in the country during the current Iranian calendar year which began on March 21 of which 11 have so far come on stream.

The oil minister stated that by March 2023, no gas will be flared in Iran and more than 95% of the collected associated gases will be consumed.

Zangeneh announced that the 3200 NGL project would come online next calendar year and by exploiting it, all the gases of the West Karun region will be sent to Bandar Imam after collection and processing.

He added that the NGL 3100 plant would come online the following year along with a petrochemical plant with 1 million tons of annual production capacity in Dehloran.

Noting that the Persian Gulf Bidboland refinery has the capacity to produce 3.5 million tons of ethane, butane, propane, and pentane plus, he said, adding the Persian Gulf Petrochemical Industries Company (PGPIC) has been entrusted with another project to collect associated gases with $1.1b of investment.