TEHRAN (Iran News) – Oil Minister Javad Owji said that 64 new and semi-completed oil industry projects with a total investment of $14.5 billion are going to be completed and go operational throughout the country by the end of the current Iranian calendar year (March 19, 2024).

“Despite the harsh conditions and problems created by the sanctions, including the difficulties related to financing or the provision of some sensitive and complex equipment, the Oil Ministry has not neglected investment in this strategic industry which is the driving force of the national economy,” the minister told Shana on Saturday.

Owji said the executive operations for 15 new projects worth $14.3 billion will also begin in the current year.

“Investment in the oil industry must be pursued without interruption, and as I have said many times before, the oil industry needs large investments, and we must not forget that the return of these investments in the oil industry for the national economy is much higher than other economic sectors,” he noted.

Referring to the 15.4 percent economic growth of the oil sector in the fall of the previous Iranian calendar year, which has practically shouldered an important part of the country’s economic growth, the official said: “An important part of the positive economic growth last year was due to the growth of the oil sector, the lack of investment in this sector will definitely lead to the slowdown of economic growth and create important challenges, and for this reason, all the responsible institutions in the country should facilitate investment in this sector.”

Back in January, the head of the National Iranian Oil Company (NIOC) said his company was planning to increase the country’s oil production capacity to 5.7 million barrels per day (bpd) from the current 3.8 million bpd in eight years.

In this regard, Iran’s Resistance Economy Headquarters approved 16 special projects for the development of the oil and gas industry’s value chain in late January.

Meanwhile Owji said his ministry is seeking to increase the country’s share in energy trade with neighboring states.

Iran’s share in importing, transiting, and swapping gas in the region is growing, said the minister, continuing, “The 13th (incumbent) administration has paid the debt Iran owed to Turkmenistan for importing gas in the previous governments.”

Asked why Iran, as the world’s second-largest holder of gas reserves, imports gas, Owji said, “Russia is the largest holder of gas reserves in the world and statistics show it has outlined plans for its transit and swap share. Iran is also trying to do so and has so far achieved desired results.”

Elaborating on the 13th administration’s performance, he said, “During the past 20 months, oil, gas, refining, and petrochemical sectors have witnessed [good] developments, including moving toward [construction] of refineries beyond borders for the first time after the Islamic Revolution. We use the extraterritorial capacities to process oil, prevent the selling of raw materials, and create higher added value.”